PR Newswire
LONG ISLAND CITY, N.Y., April 2, 2018
LONG ISLAND CITY, N.Y., April 2, 2018 /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 that it has entered amendments of the Securities Purchase
Agreement between Raycom Media, Inc. ("Raycom") and Frankly dated June 26, 2017 (the "SPA") and the
Credit Agreement between Raycom and Frankly dated August 31, 2016 (the "Credit
Agreement"). Under the amendment of the SPA, the date by which Frankly is required to increase the size of its Board by two
directors has been extended from March 31, 2018 to June 30,
2018. Under the amendment of the Credit Agreement, the period for commencement of the Total Leverage Ratio and Interest
Coverage Ratio covenants has been extended from the calendar quarter ending March 31, 2018 to the
calendar quarter ending June 30, 2019. Additionally, under the amendment of the Credit
Agreement, for the period commencing January 1, 2018, interest due on the outstanding loan balance
will accrue and be added to the principal balance of the loan.
Separately, Frankly announces that Joseph G. Fiveash, III has resigned from Frankly Inc.'s
Board of Directors effective as of April 2, 2018. Mr. Fiveash served on Frankly's Board of
Directors since August of 2015.
About Frankly
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze
and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and
FOX affiliates. To learn more, visit www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content:http://www.prnewswire.com/news-releases/frankly-enters-into-raycom-amendments-joe-fiveash-resigns-from-board-300623010.html
SOURCE Frankly Inc.