Toronto, Ontario–(Newsfile Corp. – November 9, 2020) – Killi Ltd. (TSXV: MYID) (OTCQB: MYIDF) (“Killi” or the “Company“), a global leader in consumer privacy, announces that it has elected to exercise its right (the “Acceleration Right“) to accelerate the expiry date of the common share purchase warrants of the Company (the “Warrants“) issued on May 25, 2020, pursuant to the terms of the certificates representing the Warrants (the “Warrant Certificates“).
The new expiry date for the Warrants is December 9, 2020 (the “New Expiry Date“). The Company has delivered a notice (the “Acceleration Notice“) of its exercise of the Acceleration Right to the holders of the Warrants.
Pursuant to the terms of the Warrant Certificates, the Company had the right to exercise the Acceleration Right as the common shares of the Company (the “Common Shares“) have traded at a VWAP of at least $0.08 on the TSX Venture Exchange for a period of twenty consecutive trading days from October 6, 2020 to November 3, 2020.
As of the close of business on November 6, 2020, a total of 10.36 million Warrants have yet to be exercised (less than 25% of the Warrants originally issued on May 25, 2020). If all the Warrants are exercised prior to the New Expiry Date, the Company would expect to receive aggregate gross proceeds of approximately $518,000 as a result of such exercise.
Holders may exercise their Warrants at any time prior to 5:00 p.m. (Toronto time) on the New Expiry Date in accordance with the instructions provided in the Acceleration Notice and the terms of the Warrant Certificates.
Appointment of Brad Marks to the Board of Directors
The Company is also pleased to announce the appointment of Brad Marks to the Company’s board of directors (the “Board“), effective immediately. Mr. Marks will replace Michael Atkinson, who has resigned as a member of the Board to pursue other opportunities. The Company would like to thank Mr. Atkinson for his services and wishes him well in his future endeavours.
In connection with his appointment, the Company has granted Mr. Marks stock options to purchase up to an aggregate of 250,000 Common Shares (the “Options“) under the Company’s stock option plan. The Options will vest over a period of 3 years and will be exercisable for a period of five years from the date of grant at an exercise price of $0.13 per share.
In consideration of Mr. Atkinson’s contribution to the Company, the Board has elected to accelerate the vesting of 300,000 Options of Mr. Atkinson to November 6, 2020. Such Options are exercisable at $0.05 per share until November 6, 2021.