TORONTO, May 5, 2020 /CNW/ -- Frankly Inc.
("Frankly" or the "Company") (TSX‑V: TLK)
(OTCQX: FRNKF) announces that, further to its news
release of April 17, 2020, it has
completed the issuance of an aggregate of 1,364,952 common shares
to EB Acquisition Company, LLC, for gross proceeds of $286,640.
EB Acquisition Company, LLC is an arm's length party and lender
to the Company under an existing loan agreement providing for a
revolving line of credit facility which was previously announced by
the Company on January 7, 2020. Of
the 1,364,952 shares issued, a total of 716,600 shares were issued
to EB Acquisition Company, LLC at a price of $0.40 per common share pursuant to the private
placement policies of the TSX Venture Exchange (the "Private
Placement Shares"). The remaining 648,352 shares were issued to
EB Acquisition Company, LLC as bonus shares under the loans,
bonuses, finder's fees and commissions policies of the TSX Venture
Exchange (the "Bonus Shares"), in connection with an amendment to
the Company's loan agreement, which provided for the issuance of
the Bonus Shares in the event EB Acquisition Company, LLC
subscribed for the Private Placement Shares at a price per share
not less than $0.40.
The shares issued to EB Acquisition Company, LLC are subject to
statutory hold periods of four months and a day, as well as
restrictions on transfer required under securities laws of
the United States.
The securities of Frankly have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S Securities Act"), and may not be offered, sold or
resold within the United States,
or to or for the account or benefit of any U.S. person, unless the
securities are registered under the U.S. Securities Act, or an
exemption from the registration requirements of the U.S. Securities
Act is applicable. This news release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities of
the Company, nor shall there be any sale of securities of the
Company, in the United States in
which such offer, solicitation or sale would be unlawful.
About Frankly Media
Frankly Media provides a complete suite of solutions that give
publishers a unified workflow for the creation, management,
publishing and monetization of digital content to any device, while
maximizing audience value and revenue.
Frankly's products include a groundbreaking online video
platform for Live, VOD and Live-to-VOD workflows, a full-featured
CMS with rich storytelling capabilities, as well as native apps for
iOS, Android, Apple TV, Fire TV and Roku.
Frankly also provides comprehensive advertising products and
services, including direct sales and programmatic ad support. With
the release of its server-side ad insertion (SSAI) platform, the
company has been positioned to help video producers take full
advantage of the growing market in addressable advertising. The
company is headquartered in New
York with offices in Atlanta. Frankly Media is publicly traded
under ticker TLK on Canada's TSX
Venture Exchange. For more information, visit
www.franklymedia.com
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Frankly to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These forward-looking
statements include, but are not limited to, statements relating to
the Company and its business. Often, but not always,
forward‑looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. In respect of the
forward-looking statements and information made in this news
release, Frankly has provided such statements and information in
reliance on certain assumptions that they believe are reasonable at
this time, however there can be no assurance that any of the
forward‑looking statements will occur as contemplated in this news
release. Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks, including but not limited to, general market
conditions and business risks, including resulting from the ongoing
COVID-19 pandemic. The forward-looking statements contained in this
news release are made as of the date of this release and,
accordingly, are subject to change after such date. Frankly does
not assume any obligation to update or revise any forward-looking
statements, whether written or oral, that may be made from time to
time by Frankly or on its behalf, except as required by applicable
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Frankly Media