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Peeks Social Ltd. Receives Management Cease Trade Order

TORONTO, July 05, 2019 (GLOBE NEWSWIRE) -- Peeks Social Ltd. (the "Corporation", or “Peeks”) (TSXV: PEEK, OTCQB: PKSLF) announces that the Ontario Securities Commission has issued a Management Cease Trade Order (“MCTO”) against the Corporation for failure to file the following by June 28, 2019:

  1. audited annual financial statements for the year ended February 28, 2019;
  2. management's discussion and analysis relating to the audited financial statements for the year ended February 28, 2019; and
  3. certification for the audit financial statements for the year ended February 28, 2019.

The Corporation anticipates that it will be in a position to remedy the default by filing the Required Filings on or about August 30, 2019.  The MCTO will be in effect until the Required Filings are filed.
  
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.

Debt Conversion

The Company has also received notification from holders of the Company’s senior secured convertible debentures seeking conversion of part of their holdings. 

The debentures issued in a series of two (2) tranches on December 27, 2018 and January 11, 2019 have a term of two years and bear interest at a rate of 8% per annum.  Total proceeds from both the tranches came to a total of $525,000.00, of which $125,000.00 of the note is being converted as per the provisions of the debenture.  The conversion is set at a price of $0.05 whereby a total of 2,500,000 shares will be issued to holders of the debenture subject to TSX Venture Exchange approval.

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
416-639-5339 
mark@peeks.com                                       
David Vinokurov
Director Investor Relations
416-716-9281
davidv@peeks.com

Forward Looking Statements

This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Audited Financial Statements and related Management’s Discussion and Analysis for the year ended February 28, 2019.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

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