PERSONAS SOCIAL INCORPORATED ("PRSN")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: October 15, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation relating to an Asset Purchase and Sale Agreement dated August 19, 2024 between the Company and MII.TV Inc. (the "Purchaser"), a non-arm's length party. Pursuant to the terms of the Agreement, the Company will sell 100% of the Peeks Asset to Mii.TV for cash consideration of $4,540,000 ("Purchase Price"), whereby 50% of the Purchase Price will be paid on closing ($2,270,000) (made up of $1,056,280 of accounts payable of the Peeks Asset that will be assumed by Mii.TV and the sum of $1,160,720 representing debt deposits owed to customer of the Peeks Assets, and the remaining amount of $53,000) will be paid in cash on closing. The remaining 50% of the Purchase Price will be paid over the course of the next 36 months from the date of closing with 16.6% ($756,666) of the Purchase Price being paid on or before the first anniversary of the closing of the Transaction, 16.6% ($756,666) of the Purchase Price to be paid on or before the second anniversary of the closing of the Transaction and the remaining 16.8% ($756,668) of the Purchase Price to be paid within 36 months from the date of closing of the Transaction (collectively, these amounts are the "Remaining Purchase Price Payments". The Remaining Purchase Price Payments are subject to adjustments that have been agreed to by the parties.
For further information, refer to the Company's news releases dated August 19, 2024, August 20, 2024, September 23, 2024.