Ad blocking detected

Thank you for visiting 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

* 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 Ltd. Announces Closing of Private Placement

TORONTO, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (TSX.V: PEEK) (OTCQB: PKSLF) is pleased to announce that the Company has closed a non-brokered private placement.

The Company issued an aggregate of 37,141,340 units at a price of $0.05 per units to Mark Itwaru, the Chief Executive Officer of the Company for gross proceeds of $1,857,067.  The Company is relying upon available exemptions from Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions in connection with the subscription for securities by its CEO  as the transactions constitute “related party transactions”. 

Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant is exercisable to purchase one half of one additional common share of the Company at an exercise price of $0.075 per share for a period of 12 months from the date of issuance.  The common shares and warrants will be subject to a four month hold period. The private placement is subject to the Company obtaining final acceptance from the TSX Venture Exchange upon the filing of required materials in due course.

Following the closing, Mark Itwaru, Chief Executive Officer, together with Riavera Corporation (“Riavera”) beneficially owns or has control and direction over an aggregate of 184,756,517 common shares of the Company or 58.5% of the Issuer’s outstanding common shares on a non-diluted basis.  Mark Itwaru, the President and CEO of the Company, is the sole director and officer of Riavera (but does not beneficially own Riavera) and accordingly has control and direction over the common shares of the Company held by Riavera. The total holdings are comprised of:  (a) Mark Itwaru’s beneficial holdings of 122,797,657 common shares, warrants to purchase   22,325,940 common shares at $0.10 per share, warrants to purchase 18,570,670 common shares at $0.075 per share, and options to purchase 350,000 common shares at $0.30 per share and options to purchase 150,000 common shares at $2.00 per share and options to purchase 14,492,800 at $0.05 per share; and (b) 61,958,860 common shares of the Company and options to purchase 300,000 common shares at a price of $1.12 held by Riavera (64.7% on a partially diluted basis, after giving effect to the conversion of all convertible securities held by the two parties).  Neither the Company, nor to the knowledge of the Company after reasonable inquiry, Mr. Itwaru, have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

The private placement proceeds will be used for ongoing for general corporate purposes. The Company has been approved by the TSX Venture Exchange (the “Exchange”) to seek up to a total of $5,000,000 under the same terms as those described above.  

The Company also announced that it has granted an aggregate of 33,992,800 options to certain directors and officers; advisors and contractors of the Company in accordance with the Company's Stock Option Plan, of which 26,492,800 were granted to directors and senior officers. The options are exercisable at a price of $0.05 for a period of 5 years from the date of grant and expire on January  30, 2025  The options vest over a period of 1 year in equal installments of 1/3 of options granted every 4 months from the date of the grant.

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.

For further information, please contact:
Peeks Social Ltd.
Mark Itwaru                                                                                        
Chairman & Chief Executive Officer                                                     

David Vinokurov
Investor Relations     

Comment On!

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 (via Easy Blurb).