Reklaim Ltd. Reduces Debt By 11% Through Strategic Debt Conversion Initiative
Debt Settlement Marks Another Milestone in Reklaim’s Financial Stability, Following a Year of Consistent Profitability
New York, October 10th, 2024 - Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), (the “Company”), the destination where consumers can view, edit, add and option their data for direct compensation, is pleased to announce a significant step in its financial strategy by reducing outstanding debt by approximately 11%. The Company has agreed to satisfy $100,000 of indebtedness owed to a non-arms length creditor through the issuance of 1,111,111 common shares at a deemed price of $0.09 per share (the “Debt Settlement”).
This latest conversion follows a strong year for Reklaim, during which the Company has maintained consistent profitability. Most recently, Reklaim achieved a positive EBITDA of $154,290 for Q2 2024, positioning the Company for continued financial growth. The issuance price per share was based on the closing trading price of the Company's shares on the TSX-V on October 4th, 2024.
This strategic debt reduction aligns with Reklaim’s ongoing commitment to enhance shareholder value and improve financial stability. The Debt Settlement is a critical component of the Company’s broader capital strategy, designed to optimize its capital structure while minimizing dilution and fueling future growth.
All securities issued as part of the Debt Settlement are subject to a statutory hold period of four months plus one day from the issuance date. This transaction will not result in creating a new Control Person for the Company.
With this debt settlement, Reklaim is well-positioned to pursue new opportunities, expand its consumer base, and continue enhancing profitability in upcoming quarters.
Final approval of the Debt Settlement is subject to TSX approval.
Additionally the Company is pleased to announce the appointment of Stuart Pasternak as its new CFO, succeeding Dean Wood. Mr. Pasternak, CPA, CA, brings over 30 years of expertise in financial and strategic planning, as well as corporate and risk management, across both public and private sectors.
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.
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