Peeks Social Ltd. Applies for Warrant Repricing

TORONTO, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (the "Company") (TSX.V: PEEK) (OTCQB: PKSLF) reports that at the request of certain debenture holders, it has applied to the TSX Venture Exchange (the "Exchange") for a repricing of warrants that were issued in conjunction with a $500,000 convertible debenture financing that closed in December 2018 (the "Offering").

Under the terms of the Offering, the Company issued 5,250,000 common share purchase warrants (the "Warrants"). Each Warrant entitled the holder thereof to acquire one additional Common Share at a price of $0.15 per Common Share for a period of 2 years. The debentures and Warrants contained a provision that if the Company subsequently issued common shares at a price of less than $0.10 per common share, the Company would reduce the conversion price of the debentures, as well as reduce the exercise price of the warrants, subject to the approval of the Exchange.

Accordingly, the Company has applied to the Exchange to amend the exercise price of 5,250,000 warrants from $0.15 per share to $0.05 per share. In connection with the reduction in price, the Company will be required to amend the warrants to include an acceleration feature to the 2 year expiry date. The Warrants will be amended to state that if, for any ten (10) consecutive trading days during the unexpired term of the Warrant, the closing price of the Company's common shares on the Exchange exceeds $0.0625, the exercise period of the Warrants will be reduced to thirty (30) days from the date of notice to the holder, provided that the notice to the holder must be given within seven (7) days following the 10th such trading day.

The Company will issue an update in due course following acceptance or rejection of the Company's application by the Exchange.

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.