QYOU Media Announces Intention to Extend Warrants Expiring on September 30, 2020 to October 30, 2020
Toronto, Ontario and Los Angeles, California--(Newsfile Corp. - September 14, 2020) - QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF) ("QYOU Media" or the "Company") announces that it intends to extend the term of warrants that are due to expire on September 30, 2020 until October 30, 2020. These warrants were issued in connection with the Company's private placement offering completed on October 30, 2019. Under the offering, the Company issued units comprised of one common share of the Company, one-half of one common share purchase warrant (each whole warrant, a "6 Cent Warrant") and a second one-half of one common share purchase warrant (each whole warrant, a "10 Cent Warrant"). Each 6 Cent Warrant is exercisable to purchase one common share in the capital of the Company at a price of $0.06 per 6 Cent Warrant Share until September 30, 2020. The Company intends to extend the expiry date of the 6 Cent Warrants until October 30, 2020. At this time, the Company does not intend to amend the terms of the 10 Cent Warrants.
An application will be submitted to the TSX Venture Exchange for the extension of the 6 Cent Warrants until October 30, 2020. Currently there are 17,500,000 6 Cent Warrants issued and outstanding. The proposed extension of the expiration date of the 6 Cent Warrants is subject to approval by the TSX Venture Exchange.
To the Company's knowledge, an aggregate of 2,000,000 6 Cent Warrants are held by insiders of the Company. The extension of the 6 Cent Warrants held by insiders of the Company constitutes a "related party transaction" within the meaning of Regulation 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the amendment of the 6 Cent Warrants held by insiders of the Company is exempt from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101.
About QYOU Media
QYOU Media operates in India and the United States producing and distributing content created by social media stars and digital content creators. In India, we curate, produce and distribute premium content including television networks and VOD for cable and satellite television, OTT and mobile platforms. In the United States, we manage influencer marketing campaigns for major film studios and brands. Founded and created by industry veterans from Lionsgate, MTV, Disney and Sony, QYOU Media's millennial and Gen Z-focused content reaches more than 550 million consumers around the world. Experience our work at www.qyoumedia.com and www.theqindia.com.
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This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, the extension of the 6 Cent Warrants and the approval of the TSX Venture Exchange of such extension. These forward-looking statements are based on QYOU Media's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU Media believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the future events will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU Media's control. Additional risks and uncertainties regarding QYOU Media are described in its publicly-available disclosure documents, filed by QYOU Media on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU Media's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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.
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