Business
Update to Brand Capital International Investment in QYOU Media
Mumbai, India and Toronto, Ontario--(Newsfile Corp. - July 30, 2021) - QYOU Media Inc. (TSXV: ...
About this update from Qyou Media, Inc.
[{"type":"text","content":"Update to Brand Capital International Investment in QYOU MediaMumbai, India and Toronto, Ontario--(Newsfile Corp. - July 30, 2021) - QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF), announced today an extension to its previously announced investment from Brand Capital International (BCI), the strategic investment arm of Bennett, Coleman & Co. Ltd (“BCCL” or “The Times Group”), India's largest media conglomerate. As previously announced, an affiliate of Brand Capital International has agreed to an initial investment of US$2 million in common shares of QYOU Media at a price of C$0.32 per share, subject to the approval of the Reserve Bank of India. The completion of the investment was subject to, among other things, regulatory approval by July 26, 2021. BCCL has been working with the regulators to secure the approval. They continue to wait for the formal approval, and as such the parties have agreed to extend the deadline from July 26, 2021 to August 26, 2021.Additionally, as previously announced, as part of the initial investment, Brand Capital International will also be granted the additional right (the \"Additional Purchase Right\"), exercisable between January 1, 2022 and March 31, 2022, to purchase a further US$2 million of common shares. The price per share of the Additional Purchase Right will be equal to the greater of (i) the Applicable Discounted Price (as defined below) based on the volume weighted-average price of the common shares of QYOU Media on the TSX Venture Exchange (the \"Exchange\") for a period of twenty consecutive trading days ending on the day prior to the date of the notice of exercise of such purchase right; and (ii) $0.42. The \"Applicable Discounted Price\" shall mean a discount of (i) 25% if the applicable closing price of common shares of QYOU Media is C$0.50 or less; (ii) 20% if the applicable closing price of common shares of QYOU Media is between C$0.51 and C$2.00; and (iii) 15% if the applicable closing price of common shares of QYOU Media is C$2.01 or above. All other deal terms announced by QYOU Media on March 12, 2021, as updated on June 10, 2021 and July 13, 2021, remain the same. The proposed investment remains subject to the approval of the Exchange.Curt Marvis, CEO and Co-Founder of QYOU Media commented, \"We are all eager to obtain final regulatory approval and ...