LAVAL, QC, March 1, 2024 /CNW/ - Geekco Technologies Corporation (the "Corporation" or "Geekco") (TSXV: GKO) has announced that in accordance with the terms and conditions of the convertible debenture units issued on March 1, 2021 (the "Debentures Units 2021") and March 1, 2023 (the "Debentures Units 2023"), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the "TSXV"), to issue (i) 1,234,564 class A shares (the "CommonShares") as settlement of payments of interest at a rate of 10% per year on an aggregate principal amount of $1,000,000 of the first tranche Debentures Units 2021 announced on March 1, 2021 and equal to $100,000 accrued between March 1, 2023 to February 29, 2024 (the "Interest Period"); and (ii) 925,925 Common Shares as settlement of payments of interest at a rate of 15% per year on an aggregate principal amount of $500,000 of the Debentures Units 2023 announced on March 2, 2023 and equal to $75,000 accrued during the Interest Period. The Common Shares will be issued at the $0.081 per Common Share, which is equal to the volume weighted trading price of the Common Shares on the TSXV for the last 20 days prior to the applicable payment date. They will also be subject to a statutory four-month hold period beginning as of the date of issuance of the Common Shares.
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