In This Article:
VANCOUVER, BC / ACCESSWIRE / August 21, 2020 / Snipp Interactive Inc. ("Snipp" or the "Company") (TSXV:SPN)OTC:PINK:SNIPF), a global provider of digital marketing promotions, rebates and loyalty solutions, announces that following an earlier announcement in its August 6, 2020 news release, it has received the approval of the TSX Venture Exchange ("TSX-V") for the shares for debt transaction to settle the aggregate of $130,000 in indebtedness of the Company to four officers, two directors and five employees (the "Related Parties") through the issuance to the Related Parties of 8,666,667 common shares of the Company (the "Settlement Shares") at a deemed price of $0.015 per Settlement Share (the "Debt Settlement"). Accordingly, the Company announces that the Settlement Shares have now been issued and the debt extinguished.
The Settlement Shares issued in connection with the Debt Settlement have been issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to a hold period of four months and a day.
Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Debt Settlement constitutes a "related party transaction" as related parties of the Company subscribed for common shares. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101.
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Vancouver, Canada with offices across the United States, Canada, Ireland, Europe, and India. The company is publicly listed on the Toronto Stock Venture Exchange (TSX-V) in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com