Reklaim Ltd. Slashes Debt Through Successful Debt Conversion Initiative
The Company has reduced its debt by 39% in fiscal 2023 while maintaining profitability
Toronto, Ontario, October 24, 2023- Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), (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 Ltd
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 that has been collected and sold without the consumer's explicit consent for years. Reklaim enables consumers to take back control of this data by setting up a Reklaim account where, should they choose to, they can be compensated for their data or choose to protect it via a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com.
For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
E: investorrelations@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.
