LONG ISLAND CITY, N.Y.,
April 2, 2018 /CNW/
-- Frankly Inc. (TSX VENTURE: TLK)
(Frankly), a leader in transforming local TV broadcast and
media companies by enabling them to publish and monetize their
digital content across multiple platforms, announces that it has
entered amendments of the Securities Purchase Agreement between
Raycom Media, Inc. ("Raycom") and Frankly dated June 26, 2017 (the "SPA") and the Credit
Agreement between Raycom and Frankly dated August 31, 2016 (the "Credit
Agreement"). Under the amendment of the SPA, the date by which
Frankly is required to increase the size of its Board by two
directors has been extended from March 31,
2018 to June 30, 2018.
Under the amendment of the Credit Agreement, the period for
commencement of the Total Leverage Ratio and Interest Coverage
Ratio covenants has been extended from the calendar quarter ending
March 31, 2018 to the calendar
quarter ending June 30,
2019. Additionally, under the amendment of the Credit
Agreement, for the period commencing January
1, 2018, interest due on the outstanding loan balance will
accrue and be added to the principal balance of the loan.
Separately, Frankly announces that Joseph G. Fiveash, III has resigned from Frankly
Inc.'s Board of Directors effective as of April 2, 2018. Mr. Fiveash served on Frankly's
Board of Directors since August of 2015.
About Frankly
Frankly (TSX VENTURE: TLK) builds an
integrated software platform for media companies to create,
distribute, analyze and monetize their content across all of their
digital properties on web, mobile and TV. Its customers include
NBC, ABC, CBS and FOX affiliates. To learn more, visit
www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
View original
content:http://www.prnewswire.com/news-releases/frankly-enters-into-raycom-amendments-joe-fiveash-resigns-from-board-300623010.html
SOURCE Frankly Inc.