Peeks Social Closes Second Tranche of Convertible Debenture Financing

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TORONTO, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV: PEEK; OTCQB: PKSLF) (“” or the “”) is pleased to announce that it has closed the second tranche (the “”) of its non-brokered private placement of senior secured convertible debentures (“”) announced in its December 27, 2018 news release (the “”).

The Second Tranche was comprised of Debentures in the principal amount of $52,500. Debentures issued under the Second Tranche will have a term of two years and will bear interest at a rate of 8% per annum, provided that the interest rate will increase to 12% per annum upon the occurrence of certain events of default. Further, the repayment of the principal amount of the Debentures and any accrued but unpaid interest thereon will be secured by a general security agreement over all of the Company’s assets. The Debentures will be convertible, in whole or in part, at the option of the holder, into common shares of the Company (“”), at a conversion price of $0.10 per Common Share. Each Debenture will also include one Common Share purchase warrant (a “”). Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.15 per Common Share, provided that, if the Company subsequently issues Common Shares at a price of less than $0.10 per Common Share (a “”), it will, subject to the approval of the Exchange, amend the exercise price of the Warrants to match the issuance price of the Common Shares issued in such Down Round.

In connection with the Second Tranche, the Company has paid a cash finder’s fee of $3,250 to First Republic Capital Corporation (“ ”), representing 6.5% of the principal amount of the Debentures issued in the Second Tranche, and has issued to First Republic 26,250 Warrants, which are exercisable into 5% of the Common Shares underlying the Debentures issued pursuant to the Second Tranche. All securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following closing.

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Globe Newswire: 12:00 GMT Friday 11th January 2019

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