January 21, 2020
Toronto, Canada – January 20, 2020 - Kuuhubb (“Kuuhubb” or the “Company”) (TSXV: KUU), a mobile game development and publishing company focused on providing the female audience with creative interactive gaming experiences, is pleased to announce a non-brokered private placement offering (the “Offering”) of an unsecured Convertible Debenture (the “Debenture”) totaling €2 Million in principal amount (approximately CAD$2.9 million). The Offering is subject to TSX Venture Exchange approval.
The Debenture will mature 36 months from the date of closing (the “Maturity Date”) and bear interest at a rate of 10% per annum (the “Interest”). The Debenture will be convertible at the option of the holder, in whole or in part, into common shares of the Company (the “Shares”) at a conversion price of CAD 0.80 per Share (the “Conversion Price”).
The Debenture and the common shares issuable upon the conversion of the Debentures will be subject to a four-month and one day statutory hold period, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Kuuhubb’s CEO, Jouni Keränen stated, “This funding will allow us to continue to enhance and grow our existing product portfolio and go-to-market of our next generation product pipeline.”