Reklaim Closes $1.3 Million Non-Brokered Private Placement and Streamlines Operations to Cash Neutral.
Private placement combined with cash neutral position provides margin and operational improvement for Reklaim moving forward.
New York, New York (June 23, 2022) - Reklaim, (OTCQB: MYIDF) (TSXV: MYID) ("Reklaim"), the destination for consumers to access and reclaim their data, announces the closing of the first tranche of a non-brokered private placement offering (the "Offering") comprised of 19,214,406 units (the "Units") at a purchase price of $0.0675 per Unit for aggregate gross proceeds of approximately $1,296,972. Each Unit consisted of one common share (a “Common Share”) and one-full common share purchase warrant (each, a "Warrant"), with each Warrant exercisable to acquire one common share of Reklaim at $0.10 for 36 months from the date of issuance provided that in the event that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV”) is in excess of $0.15 for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants to 30 days from the date on which the Company provides written notice to the holders of the Warrants. The Company reserved the purchase price for the Offering by way of a price reservation form filed with the TSXV. The Company may complete one or more additional tranches of the Offering for aggregate gross proceeds of up to $2,500,000 (including the gross proceeds of the Offering).
The Company issued 859,740 non-transferable finders warrants, each exercisable on the same terms as the Warrants, and 710,500 finders units, each comprised of one Common Share and one Warrant in connection with the Offering to certain arm’s length finders, each exercisable on the same terms as the Warrants. Reklaim expects to use all net proceeds raised from the sale of the Units for general corporate and working capital purposes.
Additionally, as signaled in both its Q4-2021 and Q1-2022 MDNA, the Company is pleased to announce that it has streamlined its operations to a cash-neutral position after two years of building its infrastructure, distribution, and scale.
“The market for privacy continues to grow with more consumers becoming aware of the current system of persistent surveillance and the arbitrage of their data,” said Neil Sweeney, Founder, and CEO of Reklaim. With companies such as Apple and Google continuing to make changes to reduce the amount of data leaking from their systems, the billion-dollar data market is seeing a reduction in supply, forcing companies that depend on data to find new data partners such as Reklaim. When combined with the tailwind of regulation, most recently Canada’s new privacy bill; Bill C-27, as well as Connecticut’s Senate Bill 6, An Act Concerning Personal Data Privacy and Online Monitoring, privacy continues to accelerate as a more significant macro trend that Reklaim is positioned to take advantage of.
The securities issued pursuant to the Offering are all subject to a four-month plus a day statutory hold period from the date of issuance as required under applicable securities laws and the rules and policies of the TSXV. The Offering is subject to the final approval of the TSXV.
About Reklaim
Reklaim is driven by consumer data and the evolution of privacy. 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
Company Contact:
For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
Email: investorrelations@reklaimyours.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) accept responsibility for this news release's adequacy or accuracy.
Forward-Looking and Other Cautionary Statements
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving several risks and uncertainties and are not guarantees of the Company's future performance. Actual results and future events could differ materially from those anticipated in such information. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company; the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
