Toronto, Ontario--(Newsfile Corp. - May 12, 2020) - Media Central Corporation Inc. (CSE: FLYY) (FSE: 3AT) ("MediaCentral" or the "Company") reports that its Board of Directors has approved the settlement of $90,400 of debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, MediaCentral will issue 1,205,333 common shares of the Company (the "Shares") at a deemed price of $0.075 per Share to certain creditors ("Creditors") of the Company.
The Company has also granted options to purchase 200,000 common shares to an employee of the Company for a period of five years from the date of the grant. The options have an exercise price of $0.10 per share and are fully vested upon issuance.
The Share issuance is subject to Regulatory and Exchange approvals and will be subject to a standard hold period expiring on the date that is four months and one day from the date of issue. The option grant is made under, and subject to, the terms of the Company's Stock Option Plan.
The Company is also extending the expiry date of a group of its warrants. It currently has 40,150,000 warrants set to expire on July 30, 2020. These warrants were issued on July 30, 2019 for a period of one year with an exercise price of $0.30 per whole warrant. The expiry date of those warrants is being extended by one year to July 30, 2021. The original exercise price of $0.30 per whole warrants will not change.
- END -
Media Central Corporation Inc. (CSE: FLYY) (FSE: 3AT) is an independent media company situated to acquire and develop high-quality publishing assets, starting with the recent acquisition of NOW Magazine and the launch of digital cannabis platform CannCentral.com. MediaCentral seeks to consolidate the 100 million strong audience of alternative weekly publications across North America, unifying a powerful demographic through cutting-edge content, events, social media and programmatic advertising. For more information: www.mediacentralcorp.com
For further information, please contact:
Nicholas Konkin, Manager Investor Relations
+1 647 363 7717 Ext. 1
+1 647 363 7717 Ext. 2
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55762