Frankly Inc. completed financing arrangements with Raycom Media that included both debt and equity-related instruments. Raycom provided Frankly with a non-revolving term line of credit in the principal amount of US$14.5 million and an additional available US$1.5 million (collectively US$16.0 million). Raycom converted US$1.0 million of an existing US$4.0 million promissory note into 2,553,400 common shares of Frankly. Frankly also issued 14,809,720 warrants to Raycom exercisable at CDN$0.50 per share, and Raycom converted 6,751,132 Class A restricted voting shares into the same number of common shares. The common shares and warrants issued to Raycom are subject to a four-month statutory hold period expiring January 1, 2017. Following the transactions, Raycom holds 9,304,532 common shares and 14,809,720 warrants, representing approximately 27% of Frankly’s issued and outstanding voting shares on a non-diluted basis.

Total raised

$17M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Sep 2016