ARHT Media Announces Two Month Extension of 2020 Series A Debentures
TORONTO, Oct. 23, 2020 (GLOBE NEWSWIRE) -- ARHT Media Inc. (“ARHT” or the “Company”) (TSXV:ART), announces that it intends to extend the maturity date of its 2020 Series A Debentures (the
"Debentures") until December 30, 2020 (the "New Maturity Date").
The Debentures were issued at a price of $0.9175 for each $1 of principal amount subscribed for, representing a 12% discount to the Debentures' principal amount until maturity. The Debentures are redeemable at their principal amount for cash on the New Maturity Date. If, prior to the New Maturity Date, either (i) the Company completes a private placement financing that raises gross proceeds of no less than $4 million, or (ii) if a change of control of ARHT or a sale or disposition by ARHT of all or substantially all of its assets should occur, then the New Maturity Date will be accelerated to such earlier date. The Company issued the Debentures in January 2020 for total gross proceeds of $1.6 million, representing an aggregate of $1,744,000 principal amount of Debentures.
The Debentures are secured by way of a general security agreement made in favour of a collateral agent acting as agent for all of the holders of the Debentures, granting a security interest in substantially all of ARHT's assets.
Other than the amendment providing for the New Maturity Date (which is subject to receipt of the consent of holders of 66.66% of the principal amount of Debentures), the other terms of the Debentures remain unchanged.
The expiry date of the common share purchase warrants issued in January 2020 in conjunction with the Debentures, has also been extended from October 31, 2020 to December 30, 2020 in accordance with TSX Venture Exchange policies.
About ARHT Media
ARHT Media’s patented holographic telepresence technology is a complete end-to-end solution that creates a sense of presence for audiences – as though the holographic presenter was actually live in the room. With no noticeable latency, ARHT Media makes two-way live communication with a 3D holographic presenter anywhere in the world possible. We can also playback pre-recorded content and 3D animations on our displays to deliver rich holographic experiences.
ARHT Media trades under the symbol “ART” on the Toronto Venture Stock Exchange.
ARHT Media Press Contact
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, disclosure related to the Company’s sales funnel; the Company’s technology; the potential uses for the Company’s technology; the future planned events using the Company’s technology; the future success of the Company; the ability of the Company to monetize the HumaGram technology; the development of the Company’s technology; and interest from parties in ARHT’s products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
ARHT Media Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de