NEW YORK, NY and TORONTO, ON–(Marketwired – December 23, 2014) – Keek Inc. ( TSX VENTURE : KEK ) ( OTCQX : KEEKF ), a leading global mobile video social media network with 72 million members featuring a unique 36 second video format, today announced details of the proposed share consolidation for its common shares. The share consolidation has been fixed by the Board of Directors at 30:1 and is proposed to become effective January 15, 2015 (the Consolidation).
There are currently 343,658,113 common shares issued and outstanding. Assuming a full 1 for 30 consolidation and not taking into account any adjustments for rounding, Keek anticipates there will be approximately 11,455,270 common shares outstanding following the Consolidation. Subject to receipt of approval from the TSX Venture Exchange (TSXV), the common shares are expected to trade on a consolidated basis on January 15, 2015.
The Board of Directors of Keek is of the view that the Consolidation will provide Keek with greater flexibility for future corporate activities, enhance the marketability of the common shares as an investment and lead to increased interest by a wider audience of potential investors, thereby increasing its ability to raise additional financing to fund operations in the near future.
No fractional shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares.
In addition, the exercise price and number of common shares of Keek issuable upon the exercise of outstanding stock options and warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation.
Keek does not intend to change its name or seek a new stock trading symbol from the TSXV in connection with the Consolidation. The Consolidation is subject to acceptance by the TSXV.
A letter of transmittal will be mailed to registered holders to be used to exchange their current share certificates for certificates representing the consolidated number of common shares in connection with the Consolidation.
For additional details please refer to the Information Circular dated November 12, 2014, which has been filed on SEDAR at www.sedar.com.
Keek is a leading mobile video social network with 72 million members worldwide. Keek is easy to use, fast and personal. With Keek, members around the world create and interact with videos up to 36 seconds in length and 111 characters of accompanying text, in either public or private views. Keek makes it simple for anyone to instantly create, distribute, discover and react to content in real-time across mobile devices and the web. The Keek app is available in over 190 countries across 6 global regions, and in 36 languages.
Additional investor information can be found at www.sedar.com or by contacting firstname.lastname@example.org.
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.
Cautionary and Forward-looking Statements – Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements included in this news release are based on information available to Keek on the date hereof. There is no assurance that forward looking statements such as the effective date of the Consolidation or the benefits anticipated to be received from the Consolidation will occur as expected. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
For further information, please contact:
Chief Executive Officer
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