Conversion of Debenture Interest Into Equity, Amendment of Debenture and Private Placement of Debenture

LAVAL, Quebec, March 02, 2023 (GLOBE NEWSWIRE) -- Geekco Technologies Corporation (the “Corporation” or “Geekco”) (TSX-V: GKO; OTCQB: GKOTF) has announced that in accordance with the terms and conditions of the convertible debenture units issued on March 1, 2021 (the “Debentures Units”), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”), to issue, on March 1, 2023, 877,188 class A shares (the “Common Shares”) as settlement of payments of interest at a rate of 10% per year on an aggregate principal amount of $1,000,000 of the first tranche Debentures announced on March 1, 2021 and equal to $100,000 accrued between March 1, 2022 to February 28, 2023. The Common Shares will be issued at the $0.114 per Common Share, which is equal to the volume weighted trading price of the Common Shares on the TSXV for the last 20 days prior to the applicable payment date. They will also be subject to a statutory four-month hold period beginning as of the date of issuance of the Common Shares.

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