Reklaim Ltd. Reduces Debt Following Successful Warrant Exercises
No Impact on Share Structure as Company Strengthens Financial Position
New York, New York, April 24, 2024 – Reklaim Ltd. (TSXV: MYID, OTC: MYIDF) (the “Company”), the destination where consumers can view, edit, add, and option their data for direct compensation, is pleased to announce that it has reduced its overall debt by 9.8%. This reduction was achieved through a cash payment to a non-arms-length creditor, totaling $100,000. The cash used for this payment came from the exercise of warrants by existing investors, reflecting their continued confidence in the company's vision.
Importantly, this debt reduction does not affect the company's share structure. No new shares have been issued, and the fully diluted capital table remains the same at 114,896,595 shares outstanding.
This successful debt reduction follows a year of strong financial performance for Reklaim Ltd., highlighted by the company's first full year of profitability and record revenue of $1,416,230 in Q4-2023, a 97% increase compared to Q4-2022.
Reklaim Ltd.'s latest milestone reinforces its commitment to empowering consumers by giving them control over their personal data while sustaining a strong financial trajectory. The company is dedicated to creating new avenues for consumers to earn compensation through effective data management and monetization.
Additional Information
The Company's Board of Directors has approved the issuance of 1,634,000 stock options and restricted share units ("RSUs") as part of its Omnibus Equity Incentive Plan. This allocation includes 1,106,000 stock options granted to the company's officers and employees, with an exercise price of $0.14 per share and a five-year term. Additionally, 528,000 RSUs were granted to the Company's directors, vesting immediately upon issuance.
All stock options and RSUs were issued in compliance with the Company's Omnibus Equity Incentive Plan and are subject to the applicable regulations of the TSX Venture Exchange.
About Reklaim Ltd.
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 their data by setting up a Reklaim account through which they can be compensated for their data. To view more information about Reklaim, visit www.reklaimyours.com.
For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
