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MONTGOMERY, ALABAMA--(Marketwired - Sept. 1, 2016) - Raycom Media, Inc. ("Raycom Media") announced completion of financing arrangements between Raycom Media and Frankly Inc. Raycom Media provided Frankly with a non-revolving term line of credit in the principal amount of US$14.5 million and an additional available US$1.5 million non-revolving line of credit (collectively, the "Loan"). In addition, Raycom Media converted US$1.0 million of its existing US$4.0 million promissory note into 2,553,400 common shares of Frankly and Frankly issued 14,809,720 warrants to Raycom Media entitling the holder of each warrant to acquire one common share of Frankly upon exercise of each warrant at a price per common share equal to CDN$0.50. The common shares and warrants issued to Raycom Media are subject to a four-month statutory hold period expiring on January 1, 2017. Further, Raycom Media is converting its 6,751,132 Class A RVS of Frankly into 6,751,132 common shares of Frankly. |
