RAYCOM.... SAN FRANCISCO, Oct. 27, 2017 /PRNewswire/ -- 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 the following:
Raycom Amendments – Pursuant to an amendment of October 1, 2011 Website Software and Services Agreement between Frankly Media LLC and Raycom Media, Inc., recoupment of the $5,000,000 advance of license fees paid by Raycom under the Agreement will commence on January 1, 2018. Separately, pursuant to an amendment of the June 26, 2017 Share Purchase Agreement between Frankly Inc. and Raycom Media, Inc., the date for enlargement of the Frankly Board to seven members has been extended until December 31, 2017. Finally, pursuant to an amendment of the August 31, 2016 Credit Agreement between Frankly Inc. and Raycom Media, Inc., the parties have extended until December 31, 2017, as the period in which mandatory loan repayments to Raycom in connection with a NASDAQ capital raise will be credited against other mandatory repayments to be made to Raycom under the Credit Agreement.