ARHT Media Inc. Issues Shares Related to Semi-Annual Interest Payment on Secured Subordinated Debentures
July 24 2024 - 1:30PM
ARHT Media Inc. ("ARHT" or "the Company") (TSXV: ART), (OTCQB:
ARHTF) the global leader in the development, production and
distribution of high-quality, low latency hologram and digital
content, announces that it intends to issue an aggregate of
$175,787.35 of interest payment owed to certain arm's-length and
non-arm's length holders of debentures (the
"
Debentures") through the issuance of an aggregate
of 2,929,793 common shares of the Company (each, a "
Common
Share") at a price of $0.06 per share (the "
Debt
Settlement"). The Debentures were issued in August 2023,
February 2024, and June 2024, respectively, and mature on August 3,
2025 and carry an annual interest rate of 15%, accrued and payable
semi-annually on each of June 30 and December 31, payable in cash
or shares at the option of the Company and subject to the approval
of the TSX Venture Exchange (the "
TSXV"). Under
the terms of the Debentures, the interest payable to the holders of
Debentures is payable in Common Shares at a price per Common Share
equal to the Market Price on July 23, 2024. See press release dated
August 3, 2023.
All Common Shares issued in connection with the
Debt Settlement will be subject to a hold period of 4 months plus a
day from the issuance and the resale rules of applicable securities
legislation.
Certain directors, officers and other insiders
of the Company will acquire direction and control over a total of
982,063 Common Shares under the Debt Settlement. The participation
of those persons in the Debt Settlement constitutes a “related
party transaction” within the meaning of Multilateral Instrument
61‑101 ‑Protection of Minority Security Holders in Special
Transactions (“MI
61‑101”). The Company
has relied on exemptions from the formal valuation and minority
shareholder approval requirements of MI 61‑101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related
party participation in the Debt Settlement as neither the fair
market value (as determined under MI 61-101) of the subject matter
of, nor the fair market value of the consideration for, the
transaction, insofar as it involved the related parties, exceeded
25% of the Company’s market capitalization (as determined under MI
61-101).
About ARHT
ARHT is a pioneer and the global leader in live
hologram technology. Thanks to its patented end-to-end technology,
executives, medical experts, educators, entertainers, and thought
leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded
on the TSX Venture Exchange. ARHT has offices in North America,
Europe and Asia and operates from its own studios in locations from
Toronto to Singapore, as well as a large network of partner studios
in every region.
Connect with
ARHT:LinkedIn: https://www.linkedin.com/company/arht-techInstagram: https://www.instagram.com/arht.techFacebook: https://www.facebook.com/arht.techX,
formally known as
Twitter: https://twitter.com/arht_techYoutube: https://www.youtube.com/@arht-tech
For more information, please
visit www.arht.tech/about/investors or www.arht.tech.Alternatively,
email us directly at info@arht.tech.
ARHT trades under the symbol
"ART" on the TSX Venture
Exchange.
Press
Inquiries:Kristen Spencekspence@arht.tech
ARHTVasily
RyabovChief Financial Officer+1 (416)-782-8042 (head office)
This press release may contain "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, the intention to exercise convertible securities of the
Company; disclosure related to the Company's sales funnel; the
Company's technology; the potential uses for the Company's
technology; the future planned events using the Company's
technology; the future success of the Company; the ability of the
Company to monetize the ARHT Media technology; the development of
the Company's technology; and interest from parties in ARHT's
products. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic and competitive
uncertainties; regulatory risks; risks inherent in technology
operations; and other risks of the technology industry. Although
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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