The Company has reduced its debt by 39% in
fiscal 2023 while maintaining profitability
TORONTO, Oct. 24,
2023 /CNW/ - Reklaim Ltd. (TSXV: MYID) (OTC:
MYIDF) (the "Company"), the destination where consumers are
able to view, edit, add and option their data for direct
compensation, is pleased to announce that it has agreed to satisfy
certain outstanding indebtedness owed to a certain non-arms length
creditor (the "Creditor") through the issuance of common
shares (the "Common Shares") of the Company (the "Debt
Settlement"). The Company plans to settle indebtedness of
$100,000 by issuing 1,250,000 Common
Shares at a deemed price of $0.08 per
Common Share, reducing its outstanding debt by 9%.
This latest conversion comes on the heels of a year of financial
strength, during which the company has managed to cut its debt load
by 39% while consistently maintaining profitability. The issuance
price per share was calculated using the closing trading price of
the Company's listed shares on the TSX-V on October 20, 2023.
As part of this transaction, all securities issued are subject
to a statutory hold period of four months plus one day from the
issue date. Importantly, this issuance will not lead to the
creation of a new Control Person for the Company.
Reklaim Ltd. remains committed to achieving financial stability
and creating value for its shareholders. This strategic Debt
Settlement marks another positive step forward in that journey.
Final approval of the aforementioned conversion is subject to
TSX approval.
About Reklaim
Offering compliant, zero-party data to Fortune 500 brands,
platforms, and data companies, Reklaim allows consumers to visit
the platform, confirm their identity, and unveil data collected and
sold for years without the consumer's explicit consent. Reklaim
enables consumers to take back control of this data by setting up a
Reklaim account through which, should they choose to, they can be
compensated for their data. To view more information
about Reklaim, visit
https://investors.reklaimyours.com.
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.
This news release contains forward-looking statements and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will," "may,"
"should," "anticipate," "expects," and similar expressions. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
the closing of the Debt Settlement and TSXV approval of the Debt
Settlement, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
be accurate, and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations are risks detailed from time to time in
the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in preparing
any forward-looking information may prove incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted due to numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. As a result, the Company cannot guarantee
that any forward-looking statement will materialize, and the reader
is cautioned not to place undue reliance on any forward-looking
information. Although considered reasonable by management during
preparation, such information may prove incorrect, and actual
results may differ materially from those anticipated. This
cautionary statement expressly qualifies forward-looking statements
in this news release. The forward-looking statements in this news
release are made as of the date of this news release. The Company
will only update or revise any of the included forward-looking
statements as expressly required by Canadian securities
law.
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SOURCE Reklaim Ltd.