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TORONTO, ON --(Marketwired - February 10, 2016) - Keek Inc. (TSX VENTURE: KEK) (OTCQX: KEEKF), a leading global mobile video social network featuring a unique 36 second video format with over 75 million registered users, today announced that its board of directors (the "Board") has adopted By-Law No. 2 relating to advance notice requirements for director elections (the "Advance Notice By-Law").
The purpose of the Advance Notice By-Law is (i) to ensure that all shareholders receive adequate notice of director nominations and sufficient time and information with respect to all nominees to make appropriate deliberations and register an informed vote; and (ii) to facilitate an orderly and efficient process for annual or special meetings of the shareholders of the Company. The Advance Notice By-Law fixes the deadlines by which shareholders must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in a timely written notice to the Company for any director nominee to be eligible for election at such annual or special meeting of shareholders.
Pursuant to the Advance Notice By-Law, shareholders seeking to nominate candidates for election as directors other than pursuant to a proposal or requisition of shareholders made in accordance with the provisions of the Business Corporations Act (Alberta) must provide timely written notice to the corporate secretary of the Company. A shareholder's notice must be received not less than 30 nor more than 65 days prior to the date of an annual meeting of shareholders; provided, however, that if the annual meeting date is less than 50 days from the date the meeting was publicly announced, then a shareholder's notice can be received not later than the close of business on the 10th day following the date of such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting) which includes the election of directors to the Board, a shareholder's notice must be received not later than the 15th day following the date the special meeting was publicly announced. The Advance Notice By-Law also prescribes the form of written notice for a shareholder's notice. The Board may, in its sole discretion, waive any requirement under these provisions.
The Advance Notice By-law is now in effect and is being placed before shareholders for approval at the next annual and special meeting of shareholders of Keek scheduled for March 11, 2016 (the "Meeting"). The Advance Notice By-Law will cease to be effective unless it is approved by a majority of the votes cast on a resolution by the shareholders of the Company at the Meeting. The full text of the Advance Notice By-law is available under the Company's profile at www.sedar.com.
In addition, Keek also announces that it has received acceptance from the TSX Venture Exchange ("TSXV") to settle $42,515 of debt owed to trade creditors through the issuance of 170,060 common shares at a price of $0.25 per share. The shares are subject to a four month hold period.
In addition, subject to receiving approval from the TSXV, Keek has entered into an agreement with an additional trade creditor to settle $8,232 through the issuance of 32,928 common shares at a price of $0.25 per share.
Keek is a leading mobile video social network with over 75 million registered users. Keek is easy to use, fast and personal. With Keek, members around the world create and interact with videos up to 36 seconds in length and 111 characters of accompanying text, in either public or private views. Keek makes it simple for anyone to instantly create, distribute, discover and react to content in real-time across mobile devices and the web. The Keek app is available in over 190 countries across 6 global regions, and in 36 languages.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
For further information, please contact:
Gerry Feldman, CPA, CA
Director of Keek
Interim Chief Executive Officer and Chief Technology Officer