Toronto, Ontario--(Newsfile Corp. - December 19, 2024) - Pool Safe Inc. (TSXV: POOL) ("Pool Safe" or the "Company") announces that it has received conditional approval from the TSX Venture Exchange (the "TSXV") for the extension of the Repayment Day (as defined below) of a senior secured debenture (the "Debenture") in the amount of $500,000 to a certain arm's length party (the "Lender") originally issued as part of a private placement that closed on May 6, 2021 (the "Financing"). The interest on the Debenture accrues at a rate of 12% per annum, payable in cash monthly in arrears on the last business day of each month, and up to the date on which the loan is redeemed in full, and shall mature on December 31, 2025 (the "Repayment Day"). The Company first amended the Repayment Day of the Debenture from December 31, 2022 to December 31, 2023, a further amendment to the Repayment Day of the Debenture to December 31, 2024 and now a further amendment to the Repayment Day of December 31, 2025. All other terms of the Debenture shall remain unchanged.
In addition, the Company announces that it has received conditional approval from the TSXV for the extension of the expiry date of a total of 1,600,000 outstanding common share bonus warrants (the "Bonus Warrants") originally issued as part of the Financing. The Bonus Warrants entitled the holder thereof to purchase one (1) Common Share in the capital of the Company per Bonus Warrant at a price of $0.05 per Common Share until December 31, 2025. The Company first amended the expiry date of the Bonus Warrants from December 31, 2022 to December 31, 2023, a further amendment to the expiry date of the Bonus Warrants to December 31, 2024 and a further amendment to December 31, 2025. All other terms of the Bonus Warrants remain unchanged.
The proposed extension of the Debenture and Bonus Warrants as described herein is conditional upon the receipt of final approval from the TSXV.
About Pool Safe Inc.
Pool Safe Inc. designs, develops and distributes a product known as LounGenie, which functions as a multipurpose personal poolside attendant. LounGenie by Pool Safe Inc. is designed to provide safety, convenience, and peace of mind for hotels, resorts, waterparks, and cruise ship guests. Conveniently located alongside pool or beach lounge chairs, the LounGenie is a unique way of providing vacationers with a comforting sense of security for their belongings, while offering the vendor opportunities to increase F&B sales, expedite customer service and drive revenue. For more information, please visit loungenie.com or poolsafeinc.com.
Pool Safe Inc. is a fully reporting publicly traded company which is listed on the TSXV under the symbol "POOL". Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Some of the statements in this press release that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
For additional information, please contact:
Pool Safe Inc.
Steven Glaser
C.O.O. | C.F.O.
E: sglaser@poolsafeinc.com
T: 416-630-2444
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234630
SOURCE: Pool Safe Inc.
