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Toronto, Ontario--(Newsfile Corp. - December 19, 2024) - Pool Safe Inc. (TSXV: POOL) ("Pool Safe" or the "Company") announces that it has received conditional approval from the TSX Venture Exchange (the "TSXV") for the extension of the Repayment Day (as defined below) of a senior secured debenture (the "Debenture") in the amount of $500,000 to a certain arm's length party (the "Lender") originally issued as part of a private placement that closed on May 6, 2021 (the "Financing"). The interest on the Debenture accrues at a rate of 12% per annum, payable in cash monthly in arrears on the last business day of each month, and up to the date on which the loan is redeemed in full, and shall mature on December 31, 2025 (the "Repayment Day"). The Company first amended the Repayment Day of the Debenture from December 31, 2022 to December 31, 2023, a further amendment to the Repayment Day of the Debenture to December 31, 2024 and now a further amendment to the Repayment Day of December 31, 2025. All other terms of the Debenture shall remain unchanged.
In addition, the Company announces that it has received conditional approval from the TSXV for the extension of the expiry date of a total of 1,600,000 outstanding common share bonus warrants (the "Bonus Warrants") originally issued as part of the Financing. The Bonus Warrants entitled the holder thereof to purchase one (1) Common Share in the capital of the Company per Bonus Warrant at a price of $0.05 per Common Share until December 31, 2025. The Company first amended the expiry date of the Bonus Warrants from December 31, 2022 to December 31, 2023, a further amendment to the expiry date of the Bonus Warrants to December 31, 2024 and a further amendment to December 31, 2025. All other terms of the Bonus Warrants remain unchanged.
The proposed extension of the Debenture and Bonus Warrants as described herein is conditional upon the receipt of final approval from the TSXV.
About Pool Safe Inc.
Pool Safe Inc. designs, develops and distributes a product known as LounGenie, which functions as a multipurpose personal poolside attendant. LounGenie by Pool Safe Inc. is designed to provide safety, convenience, and peace of mind for hotels, resorts, waterparks, and cruise ship guests. Conveniently located alongside pool or beach lounge chairs, the LounGenie is a unique way of providing vacationers with a comforting sense of security for their belongings, while offering the vendor opportunities to increase F&B sales, expedite customer service and drive revenue. For more information, please visit loungenie.com or poolsafeinc.com.