Conversion of Debenture Interest Into Equity


LAVAL, Québec, April 14, 2022 (GLOBE NEWSWIRE) — Geekco Technologies Corporation (the “Corporation” or “Geekco”) (TSX-V: GKO; OTCQB: GKOTF) has announced that in accordance with the terms and conditions of the convertible debenture units issued on April 14, 2021 (the “Debentures Units”), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”), to issue 118,483 class A shares (the “Common Shares”) as settlement of payments of interest equal to $25,000 accrued between April 14, 2021 to April 13, 2022. The Common Shares will be issued at the $0.211 per Common Share and will be subject to a statutory four-month hold period beginning as of the date of issuance of the Common Shares. The transaction is subject to the approval of the TSXV.

In a news release dated April 14, 2021, Geekco had announced the completion of the second tranche of a private placement offering of the Debentures Units and the terms of such offering. Such terms include the requirement to pay a 10% interest rate per year, accruing in arrears, payable at the end of each anniversary date either in cash or in Common Shares, at the option of the Corporation. If payment is made in Common Shares, the price per share issued shall be equal to the volume weighted trading price of the Common Shares on the TSXV for the last 20 days prior to the applicable payment date, subject to the minimum price pursuant to the TSXV policies and the TSXV approval.

ABOUT GEEKCO

Geekco is positioning itself at the forefront of social media by offering FlipNpik, a collaborative social network that aims to promote local shopping, thereby contributing to the improvement of local economy and the quality of life of citizens, and to reward valuable contribution with all active users. The FlipNpik ecosystem and mobile application leverage the community of consumers, content creators and influencers to stimulate local shopping and boost the visibility of local businesses. In exchange, active users who create and share digital content within the platform receive “Social Flipsˮ that they can use to earn rewards and/or goods from strategic partners and local businesses.

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

For more information, please contact:

Geekco Technologies Corporation:
Henri Harland, Chairman of the Board
Telephone: (514) 246-9734

Geekco Technologies Inc



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