TORONTO, April 17, 2020 /CNW/ -- Frankly Inc.
("Frankly" or the "Company") (TSX‑V: TLK)
(OTCQX: FRNKF) announces that, further to its news release
of February 25, 2020 and March 13, 2020, the Company is not going to
complete any further tranches of its previously disclosed
non-brokered private placement of units. Accordingly, the
Company's non-brokered private placement has been completed.
The TSX Venture Exchange has conditionally approved the listing of
the shares issued in the initial tranche announced on March 13, 2020, and the acceptance thereof
remains subject to final approval of the TSX Venture Exchange.
The Company intends to complete a non-brokered private placement
with EB Acquisition Company, LLC, an arm's length investor that has
previously extended a credit line to the Company of up to
US$5 million (as disclosed on
January 7, 2020). The Company
expects that EB Acquisition Company, LLC will subscribe for up to
1,364,952 common shares in the capital of the Company, at a
subscription price per common share of not less than $0.21. EB Acquisition Company, LLC will not
become an insider as a result of the private placement, and the
Company intends to use the proceeds thereof for general corporate
and working capital purposes.
The private placement to EB Acquisition Company, LLC is subject
to the approval of the TSX Venture Exchange. The common shares that
may be issued will be 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
our expectations with respect to the proposed private placement
described herein. 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,
including assumptions based on market conditions, investor interest
and timing of completing the private placement and obtaining
required regulatory approvals. 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 the risk that market conditions
or investor interest are insufficient to support subsequent
closings of the private placement, and the risk that required final
regulatory approvals are not obtained. Readers are cautioned
that the foregoing list of factors is not exhaustive. 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
