Montreal, Quebec–(Newsfile Corp. – May 1, 2020) – GOLO Mobile Inc. (TSXV: GOLO) (“GOLO” or “the Company”), today announced it has retained Integral Wealth Securities Ltd. (“Integral”) to provide market-making services in accordance with TSX Venture Exchange (“TSX.V”) policies.
Integral will trade shares of GOLO on the TSX.V for the purposes of maintaining market stability and improving the liquidity of the Company’s shares. The agreement between Integral and GOLO is for a six-month term and the Company has agreed to pay Integral $8,000 per month during the term plus any reasonable costs and expenses it incurs in connection with the services provided. During the initial term, GOLO has a one-time right, after three months, to terminate the engagement. After six months, the agreement may be terminated by GOLO on 30 days written notice. Integral will not receive shares or options as compensation pursuant to the agreement. However, Integral and its clients, may have or may acquire a direct interest in the securities of the Company.
Integral is a private, Investment Industry Regulatory Organization of Canada (“IIROC”) licensed investment dealer headquartered in Toronto and can access all Canadian Stock Exchanges and Alternative Trading Systems. The capital and securities required for any trade undertaken by Integral as principal will be provided by Integral. GOLO and Integral are unrelated and unaffiliated entities.
GOLO also announced that per the cost cutting initiatives the Company implemented last month, including reductions in employee compensation, GOLO has granted 70,000 stock options (each, an “Option”) in accordance with the Company’s incentive stock option plan, subject to the approval of the TSX Venture Exchange Inc. to certain GOLO officers and employees to provide long-term compensation and enhance employee retention.
Each Option is excersiable into one common share in the capital of the Company (each, a “share”) at a price of $0.29 per Share, being the closing price of the Shares on the TSX Venture Exchange on May 1, 2020, for a period of 10 years from the date of the grant.
About GOLO Mobile Inc.
GOLO provides time saving convenience for daily tasks to individuals in high-population density areas. The Company’s focus is on office buildings, residential towers, corporate campuses, hospitals, airports and other highly populated areas. GOLO is publicly traded on the TSXV and its controlling shareholder is controlled indirectly by affiliates of Blackstone Group L.P. and the funds comprising CVC Capital Partners VI.
For Further Information:
Peter Mazoff, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.