JV Agreement Complete2 Jun 2025 07:44
They have negotiated improved terms here…good work by new designate CEO. A good start for him..
The Company has on 1 June 2025 entered into an omnibus agreement with Mirriad Inc. and the JV Partner (the "Omnibus Agreement") which contains the following material terms.
Net Revenue Sharing
Mirriad U.S., the Company and the JV Partner have agreed a net revenue sharing arrangement in respect of the revenue generated by Mirriad U.S. from its existing sell-side media partners in the United States. Following the date of the Omnibus Agreement, net revenue shall be split:
i. Until the first anniversary of the date of completion of the Securities Purchase Agreement ("Closing"), 75% to the JV Partner and 25% to the Company;
ii. From the first anniversary of Closing to the second anniversary of Closing, 80% to the JV Partner and 20% to the Company; and
iii. After the second anniversary of Closing, 90% to the JV Partner and 10% to the Company.