VANCOUVER, BC / ACCESSWIRE / June 6, 2024 / BEACN Wizardry & Magic Inc. (TSXV:BECN) ("BEACN" or the "Company") is making the following corporate update at the request of the TSX Venture Exchange (the "Exchange").
Convertible Loan Extension:
As disclosed in the Company's audited annual financial statements, on April 14, 2023, the Company amended the maturity date to August 29, 2023 for an existing convertible loan in the amount of $250,000. In consideration for the extension, the Company paid an extension fee of $6,500. On August 29, 2023, the Company repaid the convertible loan including all accrued interest.
Investor Relations Agreement:
On November 29, 2022, the Company entered into a Marketing and Consulting Agreement with Equity.Guru Media Inc. The Agreement was for a term of six months but was terminated on May 9, 2023. Under the terms of the Agreement the Company paid Equity.Guru a total of $60,000 plus GST which was paid on November 29, 2022. On the same date Equity.Guru participated in the Company's private placement (see press release dated November 29, 2022) and purchased $60,000 worth of securities of the Company. The participation by Equity.Guru in the Company's private placement was in contravention of TSX Venture Exchange policy 3.4 because compensation for promotional activities should be on a cash basis and was not accepted by the Exchange. During the term of the Agreement, Equity.Guru, and its principal Chris Parry, provided marketing and investor relations services to the Company. Equity.Guru is arm's length to the Company and the Company does not have any ongoing relationship with Equity.Guru.
About BEACN
BEACN, a Victoria BC based consumer electronics company, develops innovative audio equipment, peripherals and technology for gamers, live streamers, and content creators. BEACN is committed to delivering premium products that enable everyone to produce studio-quality content. BEACN's award-winning product ecosystem includes BEACN Mic, BEACN Mix and BEACN Mix Create. BEACN is listed on the TSXV under the symbol BEACN.
Media & Investors Enquiries
Daniel Davies
[email protected]
+1 (778) 561-1450
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: BEACN Wizardry & Magic Inc.