Media Central Corporation Inc. Completes $1.6-million Convertible Debenture Unit Offering

TORONTO, Feb. 21, 2020 /PRNewswire/ - Media Central Corporation Inc. (CSE:FLYY, FSE:3AT) ("MediaCentral" or the "Company") reports that it has completed a non-brokered private placement offering (the "Financing") for gross proceeds of $1,626,000, subject to final regulatory and exchange approvals.

The Financing consists of 10% senior secured convertible debenture units (the "Debenture") at an issue price of $1,000 per Debenture.  The Debentures will have a maturity that is 24 months from the closing date of the Financing and will bear interest at a rate 10.0% per annum, payable quarterly.

Each Debenture may be converted at the option of the holder into 14,285 common shares (the "Common Shares") of the Company and 7,142 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.20 at any time up to 24 months from the closing date. The conversion price for the Common Shares is equal to $0.07 per share and the Debentures are subject to prepayment and forced conversion terms under certain circumstances.  The Debentures are subject to a four-month hold period under applicable Canadian securities law.

The Company intends to use the net proceeds from the Offering to complete the closing of the previously announced acquisition of The Georgia Straight (See press release dated January 6, 2020) and for general working capital purposes.

In connection with the Financing, the Company paid cash fees of $112,480 and issued 1,606,777 finder's options.  The finder's options are exercisable into common shares of the Company at a price of $0.20 per share for a period of 24-months from the closing date.  

About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an independent media company situated to acquire and develop high-quality publishing assets starting with the recent acquisition of NOW Communications Inc. and the launch of digital cannabis platform CannCentral.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium readers of the 100 alternative weekly newspapers across North America, creating the most powerful untapped audience of influencers.

www.mediacentralcorp.com
Instagram: @mediacentralcorp
Twitter: @mediacentralc
Facebook: Media Central Corp.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release may include, but are not limited to, statements with respect to internal expectations, expectations with respect to estimated margins, cost structures, and cost structures in the media industry. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the media industry generally, income tax and regulatory matters; the ability of MediaCentral to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive and should carefully review the various risks and uncertainties identified in the Company's filings on SEDAR. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Media Central Corporation Inc.