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

Provided By Globe Newswire

Last update: Apr 14, 2023

LAVAL, Québec, April 13, 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 April 14, 2021 (the “Debentures Units”), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”), to issue, on April 14, 2023, 347,222 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 $250,000 of the second tranche Debentures announced on April 14, 2021 and equal to $25,000 accrued between April 14, 2022 to April 13, 2023. The Common Shares will be issued at the $0.072 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.