Reklaim closes final tranche of non-brokered private placement for aggregate gross proceeds of $1.56 million – IT Business Net

The private placement combined with a cash neutral position provides headroom and operational improvement for Reklaim going forward.

New York, New York–(Newsfile Corp. – July 19, 2022) – Reklaim Ltd. (OTCQB: MYIDF) (TSXV: MYID) (“Retrieve“or the”Company“), the destination for consumers to access and retrieve their data, announces the closing of the second and final tranche of a no-broker private placement offering (the “Offer“) consisting of 3,970,740 units (the “Units“) at a purchase price of $0.0675 per unit for aggregate gross proceeds of approximately $268,025. Each unit consisted of one common share (a “Ordinary share“) and one full common share purchase warrant (each, a “To guarantee“), each warrant exercisable to acquire one common share of Reklaim at $0.10 for 36 months from the date of issue. If the volume-weighted average trading price of the common shares on the TSX Growth (the “TSXV“) is greater than $0.15 for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants to 30 days from the date the Company provides written notice to holders warrants. The Company has reserved the purchase price for the offering by means of a price reservation form filed with the TSXV. Gross proceeds from the two tranches of the offering totaled $1,564,997 and comprised 23,185,146 Units.

Additionally, as noted in the initial private placement announcement, the company is pleased to report that it has streamlined its operations to a cash-neutral position after two years of building its infrastructure, distribution and her size.

“The privacy market continues to grow as more consumers become aware of the current system of persistent surveillance and arbitration of their data,” said Neil Sweeney, Founder and CEO of Reklaim. “As companies such as Apple and Google continue to make changes to reduce the amount of data leaking from their systems, the billion-dollar data market is seeing a reduction in supply, forcing companies that rely on data to find new data partners such as Reklaim When combined with regulatory tailwinds, most recently Canada’s new privacy bill, Bill C -27, as well as Connecticut Senate Bill 6, a law regarding personal data privacy and online surveillance, privacy continues to accelerate as a larger macro trend that Reklaim is well positioned to address. To take advantage of.

The Company has issued 35,000 non-transferable finder’s warrants, each exercisable on the same terms as the warrants, in connection with the offering to certain arm’s length research intermediaries. Reklaim expects to use all net proceeds from the sale of the Units for general corporate and working capital purposes.

The securities issued under the offering are all subject to a statutory hold period of four months plus one day from the date of issue, as required by applicable securities laws and the rules and policies of the TSXV. The placement is subject to final approval by the TSXV.

About Reklaim Ltd.

Reklaim is driven by consumer data and evolving privacy. Offering compliant, third-party-free data to Fortune 500 brands, platforms and data companies, Reklaim allows consumers to visit the platform, confirm their identity and uncover data that has been collected and sold without the consumer’s express consent during years. Reklaim allows consumers to take back control of that data by creating a Reklaim account where, if they choose, they can be compensated for their data or choose to protect it through a suite of privacy tools. To view more information about Reklaim, visit https://investors.reklaimyours.com

For more information, please contact:
Ira Levy, Chief Financial Officer
1-855-908-DATA
E : [email protected]

Investor Relations:
Sean Peasgood, Sophic Capital
1-647-977-9822

E : [email protected]

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

Forward-Looking Statements and Other Cautions

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. This forward-looking information may include statements based on current expectations involving several risks and uncertainties without limitation and are not guarantees of the future performance of the Company. Actual results and future events could differ materially from those anticipated in this information. These statements are based on management’s current expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the Company may not receive final approval from the TSX Venture Exchange for the Offering; the Company cannot use the proceeds of the Offering as intended; the privacy market may not continue to grow and recent privacy regulations may not have the intended effect; and the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity generally; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and assumes no obligation to update forward-looking statements to reflect, in particular, new information or future events.

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION, PUBLISHING, DISTRIBUTING OR BROADCASTING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR TO THE UNITED STATES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131215

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