Mumbai, 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 we anticipate that this will be coming very soon. In the meantime, we continue to discuss initial strategic means through which we can work with The Times Group and Brand Capital to accelerate our growth in India the moment that approval is received."
The securities being offered to Brand Capital International have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About QYOU Media
QYOU Media operates in India and the United States producing and distributing content created by social media stars and digital content creators. In India, we curate, produce and distribute premium content including television networks and VOD for cable and satellite television, OTT and mobile platforms. Our India based influencer marketing division, Chtrbox, is India's leading influencer marketing platform connecting brands and social media influencers. In the United States, we create and manage influencer marketing campaigns for major film studios, game publishers and brands. Founded and created by industry veterans from Lionsgate, MTV, Disney and Sony, QYOU Media's millennial and Gen Z-focused content reaches more than 712 million consumers around the world. Experience our work at www.qyoumedia.com and www.theq.tv.
About Brand Capital International
Brand Capital International (BCI), headquartered in San Francisco, California is the strategic investment arm of The Times Group, the largest media conglomerate in India. Brand Capital International channels its deep domain expertise and insights in the Indian media landscape to steer early-stage and high-growth companies from across the globe into the Indian market - propelling its companies to thrive in one of the world's fastest growing markets. To learn more about Brand Capital International, its investment thesis and its portfolio companies, visit www.brandcapitalus.com.
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein may include, but are not limited to, information concerning the completion of the investment, the approval of the Exchange of the investment, the approval of the Reserve Bank of India of the investment, the expected use of proceeds from the investment, and statements relating to the business and future activities of QYOU Media. These forward-looking statements are based on QYOU Media's current projections and expectations about future events and other factors management believes are appropriate. Although QYOU Media believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and readers cannot be assured that the offering and the closing thereof will be consistent with these forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of numerous factors, including certain risk factors, many of which are beyond QYOU Media's control. Additional risks and uncertainties regarding QYOU Media are described in its publicly-available disclosure documents, filed by QYOU Media on SEDAR (www.sedar.com) except as updated herein. The forward-looking statements contained in this news release represent QYOU Media's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. QYOU Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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.
For further information, please contact email@example.com or Curt Marvis at 647-693-7380.
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