Toronto, Ontario--(Newsfile Corp. - May 4, 2023) - KuuHubb Inc. (TSXV: KUU) ("KuuHubb" or the "Company") announced today that it is proposing a non-brokered Private Placement of up to $1 million. The proposed placement, to accredited investors, is for up to 20,000,000 common shares at $0.05 per share. Closing of the Placement, which is subject to a Minimum Subscription provision of $300,000, may take place in tranches once the Minimum Subscription level has been reached, and will be subject to receipt of subscriptions and a number of other conditions, including without limitation the receipt of all relevant regulatory and TSXV Exchange approvals or acceptances.
Qualified Agents may receive commissions in respect of subscriptions introduced by them by way of cash equal to 6% of funds so introduced. The funds raised in the placement will be used for regularization of current financial commitments, development of game programs, and general corporate expenses. It is anticipated that one or more of the Company's Insiders may subscribe for part of the proposed placement. Any securities issued pursuant to the proposed placement will be subject to a regulatory and TSXV restrictive "hold" of four months and one day after the respective Closing Date.
KuuHubb is also currently negotiating with some of its creditors to enter into Debt Settlement Agreements, with a view to clearing up to $2 million of current Vendor Payables and up to $6 million of current Debt from its Balance Sheet. Such proposed Debt Settlement Agreements are planned to be effected by issuance of common shares priced at $0.05. Any proposed Debt Settlement Agreement will be subject to Acceptance from the TSXV and all other relevant consents and approvals. In particular, if any Debt Settlement Agreement would result in any shareholder becoming a "Control Person" as defined by the Policies of the TSXV, then closing of any such Debt Settlement Agreement will be subject, in addition, to disinterested shareholder approval. Any securities issued pursuant to any Debt Settlement Agreement will be subject to a regulatory and TSXV restrictive "hold" of four months and one day after the date of closing.
About KuuHubb
KuuHubb is a publicly listed a mobile casual games and lifestyle app development studio. Recolor, KuuHubb's industry leading coloring app has a lifetime 50+ million downloads, 400+ million pictures colored by fans, and 150,000+ five-star reviews in the Apple and Google Play stores.
KuuHubb's mission is to enable people to express themselves creatively, through art, and share with the world. KuuHubb's games and partnerships with developers, will explore new trends that can be expressed through games and apps, which will bring value to our users, employees, and shareholders. Headquartered in Helsinki, Finland, KuuHubb has a global presence with a strong focus on the United States and Asian markets.
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.
This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties.
For further information, please contact:
Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547
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