Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Peeks Social Completes Personas Acquisition

TORONTO, May 08, 2018 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSXV:PEEK) (OTCQB:PKSLF) (“Peeks Social” or “the Company”) is pleased to report that further to its press release dated February 5, 2018, the acquisition of Personas.com Corporation (“Personas”) has been completed pursuant to an amalgamation agreement between Peeks Social, a wholly-owned subsidiary of Peeks Social (“Peeks Social Subco”), Personas, Riavera Corp. (“Riavera”), and a wholly-owned subsidiary of Riavera (“Riavera Subco”).  Articles of amalgamation to amalgamate Peeks Social Subco, Personas, and Riavera Subco were filed on May 2, 2018, resulting in the creation of a single wholly-owned subsidiary named Peeks Social Technologies Holding Inc. (the “Transaction”).

Shareholders of both Peeks Social and Personas overwhelmingly approved the Transaction as reported on April 19 and May 2, 2018. The closing of the Transaction has resulted in the acquisition of the technology assets of the Peeks Social livestreaming product and in the Company receiving 100% of the gross revenue generated by these assets.  Details of the Transaction can be found in the Company’s Information Circular dated March 19, 2018, as posted under the Company’s profile on SEDAR.

Prior to the Transaction, Personas was a private company controlled by Mr. Mark Itwaru, Chairman & CEO of the Company. Riavera is an existing “Control Person” of the Company within the meaning of the rules and policies of the TSX Venture Exchange, and is a significant shareholder of the Company and a related party to Personas prior to the Transaction. Collectively and immediately prior to the Transaction these parties owned an aggregate of 15,602,388 common shares of the Company, representing 24.0% of the issued and outstanding shares of the Company pre-Transaction (non-diluted).

To effect the Transaction the Company issued 175,150,454 common shares to the shareholders of Personas and Riavera Subco (including 61,340,322 issued to Mr. Mark Itwaru, 55,346,527 issued to Riavera, and 1,245,492 issued to certain directors and officers of the Company) on May 7, 2018, at a negotiated price of $0.7308 per share. The closing price of the Company’s common shares on the TSX Venture Exchange on May 7, 2018, was $0.395. The Company now has 240,126,725 issued and outstanding common shares.

Following the Transaction, Mr. Mark Itwaru and Riavera collectively own an aggregate of 132,289,237 common shares of the Company, representing 55% of the issued and outstanding common shares of the Company (non-diluted). This ownership position, being over 50% of the outstanding voting common shares, provides Mr. Itwaru with the sole ability to determine who is elected as directors of the Corporation. As a majority shareholder, there may be conflicts of interest that arise between Mr. Itwaru and the Corporation.

The Peeks Social app can be downloaded in either the Apple or Google app stores or by visiting www.peeks.social

For further information, please contact:

Peeks Social Ltd.
Mark Itwaru                                                                                                                       
Chairman & Chief Executive Officer                                                                         
416-815-7000 x303                                                                                                           
mark@peeks.com                                                                                                           

David Vinokurov
Director Investor Relations
416-716-9281
davidv@peeks.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).