ARHT Media Inc. Issues Shares Related to Semi-Annual Interest Payment on Secured Subordinated Debentures
03 January 2024 - 8:30AM
ARHT Media Inc. ("ARHT" or "the Company") (TSXV: ART), (OTCQB:
ARHTF) the global leader in the development, production and
distribution of high-quality, low latency hologram and digital
content, announces that is intends to issue an aggregate of
$124,282.29 of interest payment owed to certain arms-length and
non-arms length holders of debentures (the "Debentures") through
the issuance of an aggregate of 1,912,031 common shares of the
Company (each, a "Common Share") at a price of $0.065 per share
(the "Debt Settlement"). The Debentures were issued in August 2023
and mature on August 3, 2025 and carry an annual interest rate of
15%, accrued and payable semi-annually on each of June 30 and
December 31, payable in cash or shares at the option of the Company
and subject to the approval of the TSX Venture Exchange (the
"TSXV"). Under the terms of the Debentures, the interest payable to
the holders of Debentures is payable in Common Shares at a price
per Common Share equal to the Market Price on December 29, 2023.
See press release dated August 3, 2023.
All Common Shares issued in connection with the
Debt Settlement are subject to a hold period of 4 months plus a day
from the issuance and the resale rules of applicable securities
legislation.
Certain directors, officers and other insiders
of the Company acquired direction and control over a total of
537,905 Common Shares under the Debt Settlement. The participation
of those persons in the Debt Settlement constitutes a “related
party transaction” within the meaning of Multilateral Instrument
61‑101 ‑Protection of Minority Security Holders in Special
Transactions (“MI 61‑101”). The Company has relied on exemptions
from the formal valuation and minority shareholder approval
requirements of MI 61‑101 contained in sections 5.5(a) and
5.7(1)(a) of MI 61‑101 in respect of related party participation in
the Debt Settlement as neither the fair market value (as determined
under MI 61-101) of the subject matter of, nor the fair market
value of the consideration for, the transaction, insofar as it
involved the related parties, exceeded 25% of the Company’s market
capitalization (as determined under MI 61-101).
About ARHT
ARHT is a pioneer and the global leader in live
hologram technology. Thanks to its patented end-to-end technology,
executives, medical experts, educators, entertainers, and thought
leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded
on the TSX Venture Exchange. ARHT has offices in North America,
Europe and Asia and operates from its own studios in locations from
Toronto to Singapore, as well as a large network of partner studios
in every region.
Connect with
ARHT:LinkedIn: https://www.linkedin.com/company/arht-techInstagram: https://www.instagram.com/arht.techFacebook: https://www.facebook.com/arht.techX,
formally known as
Twitter: https://twitter.com/arht_techYoutube: https://www.youtube.com/@arht-tech
For more information, please
visit www.arht.tech/about/investors or www.arht.tech.Alternatively,
email us directly at info@arht.tech.
ARHT trades under the symbol
"ART" on the TSX Venture
Exchange.
Press Inquiries:Kristen
Spencekspence@arht.tech
ARHTHanna AyyadChief Financial Officer+1
(416)-782-8042 (head office)
This press release may contain "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, the intention to exercise convertible securities of the
Company; disclosure related to the Company's sales funnel; the
Company's technology; the potential uses for the Company's
technology; the future planned events using the Company's
technology; the future success of the Company; the ability of the
Company to monetize the ARHT Media technology; the development of
the Company's technology; and interest from parties in ARHT's
products. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "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". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic and competitive
uncertainties; regulatory risks; risks inherent in technology
operations; and other risks of the technology industry. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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