Agoracom Blog

Reklaim Ltd. Demonstrates Financial Resilience with 39% Debt Reduction in Fiscal 2023

Posted by Brittany McNabb at 8:49 AM on Tuesday, October 24th, 2023


 Reklaim Ltd. (TSXV: MYID) (OTC: MYIDF), the industry leader in empowering consumers with direct control over their data, has successfully executed a strategic debt conversion initiative. This move has led to a notable 39% reduction in the company’s outstanding debt throughout fiscal year 2023, all while maintaining a steadfast profitability stance.

Under this initiative, Reklaim has proactively addressed outstanding indebtedness, opting to issue 1,250,000 Common Shares of the Company at a deemed price of $0.08 per Common Share, in turn satisfying an existing debt of $100,000. This calculated approach is aligned with the closing trading price of the Company’s listed shares on the TSX-V, as of October 20, 2023.

The Debt Settlement strategy not only signifies the company’s commitment to fiscal responsibility but also illustrates a prudent method of optimizing its capital structure. This endeavor reflects Reklaim’s dedication to creating enduring value for its shareholders.

Importantly, all securities issued as part of this transaction are bound by a statutory hold period of four months plus one day from the issue date, ensuring regulatory compliance and market stability. Notably, this issuance will not result in the formation of a new Control Person for the Company.

This strategic move is subject to final approval by the TSX, marking a significant milestone in Reklaim Ltd.’s journey towards financial stability and sustainable growth.

Tags: , , , ,

Comments are closed.