Kuuhubb Announces Agreement to Amend 2018 Convertible Debenture Terms
Toronto, Ontario--(Newsfile Corp. - March 30, 2023) - Kuuhubb Inc. (TSXV: KUU) ("Kuuhubb" or the "Company"), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, announces that it has entered into an amending agreement with the Holder of a €2 million Convertible Debenture (the "Debenture") issued on November 7, 2018. The Amending Agreement is subject to all relevant regulatory consents and approvals, specifically Acceptance by the TSXV. Subject to payment of a lump sum of €165,000 in respect of accrued arrears of Interest, and a further sum covering Interest up until the date of payment, which payments must be made by or before June 30, 2023, the Debenture Holder has agreed to waive its rights in respect of prior defaults by the Company, and to amendments to the Debenture as follows:
Interest payable under the Debenture, originally set at 5.5%, will increase to 9% per year from and after March 15, 2023;
From and after the month when the accrued arrears of Interest are paid, Interest payments will be made monthly, at the rate of €15,000 per month;
The Conversion Price for the Holder of the Debenture, originally set at $1.10 per share, will be adjusted to $0.50 per share;
The Company's right to force conversion of the Debenture, originally set at a VWAP of $1.10 or more for 30 consecutive trading days, will be reduced to a VWAP $0.50 or more for 30 consecutive trading days;
The Maturity Date of the Debenture will be extended to September 1, 2025;
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our Mission is to become a top player in the female mobile game space. We believe in empowering women by creating games and apps that will have our female audience relax, express and entertain themselves every day. Through our games and partnerships with select developers, we explore new lifestyle trends that can be converted into games and apps which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on U.S. and Asian markets.
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.
This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties.
For further information, please contact:
Jouni Keränen - CEO
Office: +358 40 590 0919
Office: +1 (416) 479-9547
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160547