Peeks Social Provides Update on LOI with Personas, Announces Warrant Exercise

By December 15, 2017 May 29th, 2019 Press Releases

TORONTO, Dec. 15, 2017 (GLOBE NEWSWIRE) — Peeks Social Ltd. (TSXV:PEEK) (OTCQB:PKSLF) (“Peeks Social” or the “Company”) wishes to provide an update on the Letter of Intent (“LOI”) and Definitive Agreement (the “Agreement”) with Corporation (“Personas”) and Riavera Corporation (“Riavera”) (altogether the “Parties”) for the acquisition of the technology assets of the Peeks Social livestreaming service along with certain other related technology assets (the “Transaction”).

As previously announced on November 14, 2017, the Parties entered into an LOI for the acquisition of the technology assets of the Peeks Social livestreaming service. Please see the November 14, 2017, press release for details of the LOI. Apart from timing, no material changes to the LOI are under consideration, and no material change to the information provided on November 14, 2017, has occurred. The LOI has been amended to extend the dates for the completion of the Transaction.  The definitive agreement is expected to be completed in the coming weeks pending the finalization of tax, securities law, and accounting efficiencies. The Transaction is expected to close as soon as possible thereafter, following receipt of all necessary approvals including the TSX Venture Exchange.

The Company also announces that Personas has exercised 3,000,000 warrants with an exercise price of $0.25, resulting in gross proceeds of $750,000 being received by the Company. The warrants are exercisable into common shares of the Company on a one-for-one basis.

For further information, please contact:

Peeks Social Ltd.
Mark Itwaru
Chairman & Chief Executive Officer

David Vinokurov
Director Investor Relations

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Forward-Looking Statements

This news release contains forward-looking statements relating to the timing and completion of the proposed Transaction 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 proposed Transaction and the future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of 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 the proposed Transaction will be completed and that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and while the Company may update or revise publicly any of the included forward-looking statements in the future, it undertakes no obligation to publicly update or revise any forward-looking information except as required by law.

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Source: Peeks Social Ltd.