MIM Mimedia Holdings Inc

NEW YORK, Dec. 20, 2023 /CNW/ - MiMedia Holdings Inc. (TSXV: MIM) ("MiMedia" or the "Company") hereby gives notice to the holders of its outstanding 10% Unsecured Convertible Debentures (the "Debentures"), in accordance with Section 2.12(3) of the Convertible Debenture Indenture between the Company and Odyssey Trust Company dated March 14, 2023, as supplemented by a supplemental convertible debenture indenture dated July 20, 2023, that the Company will make its upcoming December 31^st interest payment (the "Interest Payment") on the outstanding Debentures in Subordinate Voting Shares.

The number of Subordinate Voting Shares to be issued to each holder of Debentures will be determined by dividing the amount of the Interest Payment payable to such holder, being an amount equal to (i) $50.00 for each $1,000 principal amount of Debentures originally issued on March 14, 2023, or (ii) $44.72 for each $1,000 principal amount of Debentures originally issued on July 20, 2023, by the Market Price (as defined in TSX Venture Exchange Policy 1.1 – Interpretation) per Subordinate Voting Share on December 31, 2023. Interest in an aggregate amount of approximately $295,216 will be satisfied in Subordinate Voting Shares. The record date for the Interest Payment is December 21, 2023. Payment of the Interest Payment in Subordinate Voting Shares remains subject to the final approval of the TSX Venture Exchange.

MiMedia Holdings Inc. provides a next-generation consumer cloud platform that enables all types of personal media to be secured in the cloud, accessed seamlessly at any time, across all devices and on all operating systems. The company's platform differentiates with its rich media experience, robust organization tools, private sharing capabilities and features that drive content re-engagement.

MiMedia partners with smartphone makers and telecom carriers globally and provides its partners with recurring revenue streams, improved customer retention and market differentiation. The platform services millions of engaged users around the world.

Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include statements regarding the settlement of the Interest Payment in Subordinate Voting Shares. Such forward-looking statements are based on the current expectations of management of MiMedia. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting MiMedia, including risks regarding the industry in which MiMedia operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company's management's discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval + (SEDAR+) under the MiMedia's profile at www.sedarplus.ca. Although MiMedia has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be taken as guaranteed. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

NEITHER THE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE MiMedia