Reklaim Announces Results of Annual General and Special Shareholders Meeting and Shareholder Approval of Omnibus Equity Incentive Plan
New York, New York, August 24, 2023 – Reklaim Ltd. (TSXV: MYID) (OTC: MYIDF) (the “Company”) is pleased to announce that all matters submitted to shareholders for approval at its annual general and special meeting of shareholders (the "Meeting") held on August 23, 2023 were approved. At the Meeting, all director nominees, Neil Sweeney, Robert Fernicola, Kevin Shea, Brad Marks, Andrew Elinesky, and Jason Maguire, were re-elected as directors of the Company. Shareholders also voted in favour of re-appointing MNP LLP as auditors of the Company for the ensuing year and authorized the board of directors of the Company to fix their remuneration.
In addition, shareholders of the Company approved the Omnibus Equity Incentive Plan (the “Omnibus Incentive Plan”) to replace the existing stock option plan. The Omnibus Incentive Plan is a “rolling up to 10% and fixed up to 10%” share-based compensation plan pursuant to which up to an aggregate of 10% of the Common Shares issued and outstanding may be reserved for issuance under it and any other security-based compensation plans of the Corporation, in the form of stock options, restricted share units (“RSUs”), deferred share units (“DSUs”) and performance share units (“PSUs”). A copy of the Omnibus Incentive Plan and further details are included in the Company’s management information circular regarding the Meeting dated July 27, 2023, and available on SEDAR at www.sedar.com. The Omnibus Incentive Plan remains subject to the final approval of the TSXV.
Corporate Update
The company is pleased to announce that it entered into a debt settlement agreement executed on July 11, 2023, to satisfy certain outstanding indebtedness owed to a specific arm's length creditor (the "Creditor") through the issuance of common shares (the "Common Shares") of the Company (the "Debt Settlement"). The Company plans to settle indebtedness of $100,000 by issuing 2,000,000 Common Shares of Reklaim Ltd. at a deemed price of $0.05 per Common Share.
The Company’s goal in effecting the debt settlement is to preserve its working capital. The Debt Settlement is subject to the approval of the TSX Venture Exchange (the "TSXV"). The Common Shares issued pursuant to the Debt Settlement will be subject to a four-month hold period from the date of issuance.
Additionally, as incorrectly stated in a previous release dated August 10th, 2023, the securities issued through the private placement financing highlighted in this August 10th release will be subject to a hold period expiring on January 21, 2024, rather than September 25, 2021, as first reported.
About Reklaim Ltd.
Reklaim allows consumers to visit the platform, confirm their identity, and unveil data collected and sold for years without the consumer’s explicit consent. Reklaim enables consumers to take back control of their data by setting up a Reklaim account through which they can be compensated for their data. To view more information about Reklaim, visit www.reklaimyours.com.
For further information, please contact:
Ira Levy, CFO
1-855-908-DATA
