MIM Mimedia Holdings Inc

NEW YORK, April 30, 2024 /CNW/ - MiMedia Holdings Inc. (TSXV: MIM) ("MiMedia" or the "Company") is pleased to announce the listing of the Company's subordinate voting shares on the Frankfurt Stock Exchange ("FSE") under the trading symbol "KH3".

The Company's subordinate voting shares are now cross listed on the TSX Venture Exchange (TSXV) in Canada and the Frankfurt Stock Exchange.  The FSE is one of the world's leading exchanges and Germany's most active.

Chris Giordano, CEO of MiMedia Holdings Inc., commented: "We are thrilled to have our shares listed in Germany.  We look forward to telling our exciting story there and attracting new investors in Frankfurt and Stuttgart."

The FSE is one of the world's largest international trading centers for securities.  Operated by the Deutsche Boerse AG, FSE, is the largest of Germany's seven stock exchanges, and is responsible for approximately 90 percent of all securities traded in Germany.  The FSE facilitates advanced electronic trading, settlement and information systems and enables cross-border trading for international investors.

Warrant Issuance Pursuant to Advisory Services Agreement

The Company also announced today that it has agreed to issue 750,000 non-transferable share purchase warrants (the "Warrants") to Blue Sky Trading and Consulting Ltd. ("Blue Sky"), an arm's length party, with each Warrant entitling Blue Sky to acquire one subordinate voting share in the capital of MiMedia at an exercise price of $0.75 until November 15, 2025. 

The Warrants are being issued in connection with an advisory services agreement between MiMedia and Blue Sky (the "Advisory Services Agreement"), dated November 15, 2022, pursuant to which Blue Sky provided certain advisory services to MiMedia during the 12-month period ended November 15, 2023.  As compensation under the Advisory Services Agreement, MiMedia paid Blue Sky an aggregate of $300,000, in cash, according to its terms.  Pursuant to a services settlement agreement dated April 29th, 2024, MiMedia has agreed to issue the Warrants to Blue Sky as additional compensation in connection with the Advisory Services Agreement.  Specifically, the issuance of the Warrants is intended to (i) compensate Blue Sky for certain delays by MiMedia in the payment of the compensation due to Blue Sky under the Advisory Services Agreement, (ii) recognize the services provided by Blue Sky, and (iii) provide Blue Sky with a continued interest in the success of MiMedia.  The issuance of the Warrants will satisfy all outstanding obligations due to Blue Sky under the Advisory Services Agreement.

The issuance of the Warrants remains subject to the final approval of the TSX Venture Exchange.  The Warrants will be subject to a four month hold period from their date of issuance.

Grant of Stock Options

The Company also announces that its board of directors has approved the grant of incentive stock options to a director of the Company to acquire a total of 100,000 subordinate voting shares in the capital of the Company at an exercise price of $0.29 for a period of five years until April 29, 2029. The options were granted pursuant to the Company's Omnibus Equity Incentive Plan (the "Plan") and are subject to the terms of the Plan, the applicable grant agreement, and the requirements of the TSXV. The options will vest quarterly over 12 months and immediately upon the sale of the Company.

MiMedia Holdings Inc. provides a next-generation consumer cloud platform that enables all types of personal media to be secured in the cloud, accessed seamlessly at any time, across all devices and on all operating systems. The Company's platform differentiates with its rich media experience, robust organization tools, private sharing capabilities and features that drive content reengagement.  MiMedia partners with smartphone makers and telecom carriers globally and provides its partners with recurring revenue streams, improved customer retention and market differentiation.  The platform services millions of engaged users around the world.

Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws.  Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur.  Forward-looking statements in this press release include statements regarding: the final approval of the TSX Venture Exchange for the issuance of the Warrants.  Such forward-looking statements are based on the current expectations of management of MiMedia.  Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting MiMedia, including risks regarding the industry in which MiMedia operates, economic factors, the equity markets generally and risks associated with growth and competition.  Additional risk factors are also set forth in the Company's management's discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR) under the MiMedia's profile at www.sedar.com.  Although MiMedia has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.  No forward-looking statement can be taken as guaranteed.  The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.  Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

NEITHER THE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE MiMedia