Engine Media Announces Closing of US$2.05 Million Convertible Debenture Financings
TORONTO, Oct. 16, 2020 /CNW/ -- Engine Media Holdings, Inc. ("Engine" or the "Company"; TSX-V: GAME; OTCQB: MLLLF) announces that it has closed a first tranche of principal amount US$1.05 million of the previously announced first US$2,000,000 draw of an $8,000,000 stand-by convertible debenture facility – see the press releases issued on September 15, 2020 and August 19, 2020 for further details. The Company expects to close the balance of the first tranche in the next few weeks. The warrants issuable to the debenture holders under this financing are conditional on completing the full $2 million draw.
In addition, the Company has closed a principal US$1 million convertible debenture financing which has similar terms to the convertible debentures issued on August 19, 2020 and September 15, 2020 which are convertible into units of the Company, except the references therein to US$7.50 have been changed to US$7.80.
All securities issued pursuant to the financings will be subject to a statutory hold period expiring four months and one day from closing.
The Debentures, and the Common Shares and Warrants to be issued on conversion of the Debentures, have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit, of a U.S. person (as such term is defined in Rule 902(k) of Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration rquirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.
About Engine Media Holdings, Inc.
Cautionary Statement on Forward-Looking Information
The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither the 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 Engine Media Holdings, Inc.
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