Toronto, Ontario--(Newsfile Corp. - November 9, 2020) - Killi Ltd. (TSXV: MYID) (OTCQB: MYIDF) ("Killi" or the "Company"), a global leader in consumer privacy, announces that it has elected to exercise its right (the "Acceleration Right") to accelerate the expiry date of the common share purchase warrants of the Company (the "Warrants") issued on May 25, 2020, pursuant to the terms of the certificates representing the Warrants (the "Warrant Certificates").
The new expiry date for the Warrants is December 9, 2020 (the "New Expiry Date"). The Company has delivered a notice (the "Acceleration Notice") of its exercise of the Acceleration Right to the holders of the Warrants.
Pursuant to the terms of the Warrant Certificates, the Company had the right to exercise the Acceleration Right as the common shares of the Company (the "Common Shares") have traded at a VWAP of at least $0.08 on the TSX Venture Exchange for a period of twenty consecutive trading days from October 6, 2020 to November 3, 2020.
As of the close of business on November 6, 2020, a total of 10.36 million Warrants have yet to be exercised (less than 25% of the Warrants originally issued on May 25, 2020). If all the Warrants are exercised prior to the New Expiry Date, the Company would expect to receive aggregate gross proceeds of approximately $518,000 as a result of such exercise.
Holders may exercise their Warrants at any time prior to 5:00 p.m. (Toronto time) on the New Expiry Date in accordance with the instructions provided in the Acceleration Notice and the terms of the Warrant Certificates.
Appointment of Brad Marks to the Board of Directors
The Company is also pleased to announce the appointment of Brad Marks to the Company's board of directors (the "Board"), effective immediately. Mr. Marks will replace Michael Atkinson, who has resigned as a member of the Board to pursue other opportunities. The Company would like to thank Mr. Atkinson for his services and wishes him well in his future endeavours.
In connection with his appointment, the Company has granted Mr. Marks stock options to purchase up to an aggregate of 250,000 Common Shares (the "Options") under the Company's stock option plan. The Options will vest over a period of 3 years and will be exercisable for a period of five years from the date of grant at an exercise price of $0.13 per share.
In consideration of Mr. Atkinson's contribution to the Company, the Board has elected to accelerate the vesting of 300,000 Options of Mr. Atkinson to November 6, 2020. Such Options are exercisable at $0.05 per share until November 6, 2021.
Killi is a consumer privacy ecosystem that allows consumers to take back control of their consumer data from those who have been collecting it and selling it unbeknownst to them.
Killi is currently available online or via iOS or Android in five countries (US, Canada, Singapore, Australia, and New Zealand). Killi pays users automatically every week a cash Data DividendTM for the use of their data, making Killi the only company in the world that is fairly compensating users for the purchase of their data.
Killi is also the creator of uaretheproduct.io, a consumer-facing website that allows consumers to determine their data's value broken out by individual platform.
Download Killi here.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Elinesky, CFO
Forward-Looking and Other Cautionary Statements
This news release may contain "forward-looking statements" within the meaning of applicable securities laws, including, but not limited to: the number of Warrants that have not been exercised; whether the holders of the Warrants will elect to exercise their Warrants and the aggregate gross proceeds received by the Company if all of the Warrants are exercised. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management. They are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Holders of the Warrants may not exercise their Warrants prior to the New Expiry Date; the Company may not receive the full $518,000 in connection with the exercise of the Warrants; the uncertainty surrounding the spread of COVID-19 and the effect it will have on the Company's operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company's profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation, or sale would be unlawful.
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