Frankly Announces Completion Of Share Repurchase And Debt Settlement Transaction
NEW YORK, July 26, 2019 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK) (Frankly or the Company) is pleased to announce that it has completed the previously announced reduction of approximately US$13 million of outstanding debt, and the acquisition and cancellation of a total of 1,092,614 common shares in the capital of the Company ("Common Shares") from its former largest shareholders Raycom Media, Inc. ("Raycom") and SKP America, LLC ("SKP") pursuant to a debt reduction and share repurchase agreement between Raycom and the Company dated April 1, 2019, and a share repurchase agreement between SKP and the Company dated May 1, 2019. Pursuant to the agreement with Raycom, the Company also purchased and cancelled 871,160 warrants to purchase Common Shares. For additional information related to the debt reduction and share repurchase transactions, refer to the Company's news releases dated May 1, 2019 and May 13, 2019, and the associated material change report filed in connection therewith.
Frankly Media provides a complete suite of digital solutions for media companies to create, manage, distribute and monetize their content on all platforms maximizing audience engagement and revenue potential. The company is headquartered in New York with offices in Atlanta. For more information, visit www.franklymedia.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Frankly Media
Released July 26, 2019