New York, New York--(Newsfile Corp. - February 25, 2025) - Reklaim Ltd. (OTC Pink: MYIDF) (TSXV: MYID) ("Reklaim" or the "Company"), the platform that empowers consumers to access, control, and monetize their personal data, is pleased to announce that the Company and Neil Sweeney, the CEO of the Company and a director, have agreed to extend the maturity date of the senior secured debenture held by Mr. Sweeney, originally issued on February 24, 2022 (see the Company's news release dated February 24, 2022, for further details) (the "2022 Debenture") from February 24, 2025, to February 12, 2027 (the "Extension"), which is evidenced by an amended and restated debenture issued to Mr. Sweeney (the "Amended and Restated Debenture").
The Amended and Restated Debenture is in the principal amount of $205,000, which reflects repayments made by the Company to Mr. Sweeney and contains substantially the same terms as the 2022 Debenture. All other holders of 2022 Debentures have been repaid.
The Extension is considered a related party transaction within the meaning of Policy 5.9 of the TSX Venture Exchange ("TSXV") and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as a result of Mr. Sweeney being the CEO and a director of the Company. The Company relied on the exemptions under Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the formal valuation and minority shareholder approval requirements in respect of the Extension under MI 61-101, as neither the fair market value of the Amended and Restated Debenture nor the fair market value of the original consideration received from Mr. Sweeney, exceeds 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the completion of the Extension, which the Company deemed reasonable in the circumstances as the terms of the Amended and Restated Debenture had not been settled and the Company wished to complete the Extension in an expeditious manner.
Additional Information:
Further to the Company's news release dated February 13, 2025, the Company has received TSXV approval and will now issue 16,380 common shares (the "Settlement Shares") to certain platform users in Canada who participated in Reklaim's beta testing for a new product feature. The Settlement Shares will be subject to a statutory hold period of four months and one day.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This press release is not an offer of the securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and applicable U.S. state securities laws. The Company will not make any public transaction of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act.
About Reklaim Ltd.
Reklaim provides compliant, consumer-permissioned data to Fortune 500 brands, platforms, and data companies, empowering individuals to take control of their personal information. By visiting Reklaim, users can confirm their identity and uncover data collected and sold without their explicit consent. Through a Reklaim account, consumers can choose to monetize their data or safeguard it using Reklaim's suite of privacy tools. For more information, visit Reklaim's investor page.
For further information:
Neil Sweeney, CEO
E: investorrelations@reklaimyours.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
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.
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 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 is the risk that the Company may not be able to repay the Amended and Restated Debenture and may be required to renegotiate the terms of the Amended and Restated Debenture, and 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242275
SOURCE: Reklaim
