Clip Money Inc. Announces Amendment of Unsecured Convertible Notes

TORONTO, May 04, 2026 (GLOBE NEWSWIRE) -- Clip Money Inc. (TSX-V: CLIP) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that, in support of strengthening its liquidity and maximizing working capital for future growth, it will (i) extend the maturity date (the “Maturity Date”) of the first tranche of the previously issued unsecured convertible notes dated May 4, 2023 (the “First Tranche Convertible Notes”) from May 4, 2026 to May 4, 2027 for all note holders who have consented to such extension, and (ii) offer an equivalent extension of the Maturity Date to all holders of the second tranche of the previously issued unsecured convertible notes dated June 14, 2023 (the “Second Tranche Convertible Notes” and, together with the First Tranche Convertible Notes, the “Convertible Notes”) from June 14, 2026 to June 14, 2027.

For all Convertible Notes for which the note holders provide consent, the Company will reduce the conversion price (the “Conversion Price”) from CAD$0.50 per common share of Clip Money (the “Common Shares”) to CAD$0.40 per Common Share (collectively with the extension of the Maturity Date, the “Note Amendment”).

The principal amount of the Convertible Notes, as amended, will continue to bear interest at a rate of 12% per annum compounded monthly. Other than the extension of the Maturity Date and the reduction of the Conversion Price, no other terms of the Convertible Notes will be amended. For details of the other terms of the Convertible Notes, please see the press release issued by the Company on May 4, 2023.

Of the total CAD$483,667.50 principal amount of First Tranche Convertible Notes, holders of a total of CAD$368,670.00 principal amount of First Tranche Convertible Notes have consented to the Note Amendment and no note holders have objected to the Note Amendment.

The Note Amendment is subject to acceptance of the TSX Venture Exchange and to the consent of the applicable holders. Holders who do not consent to the Note Amendment will have their Convertible Notes repaid on the Maturity Date in accordance with their terms or as agreed to by such holder and the Company. The Company is not aware of any objections to the Note Amendments by holders who do not consent to the Note Amendment.

Forward‐Looking Statements

This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Company’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business.

The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

About Clip Money Inc.

Clip operates a multi-bank self-service deposit system for businesses through the Clip Money network that gives users the capability of making deposits outside of their bank branch at top retailers and shopping malls. Rather than having to go to their personal bank branch or using a cash pickup service, businesses can deposit their cash at any ClipDrop Box, ClipATM, or ClipCenter located near them. After being deposited, the funds will automatically be credited to the business’ bank account, usually within one business day. The Company combines functional hardware, an intuitive mobile app and an innovative cloud-based transaction engine that maximizes business-banking transactions. Combined with mobile user applications, Clip offers a cost-effective and convenient solution for business banking deposits in metropolitan statistical areas across Canada and the United States. For more information about the Company, visit www.clipmoney.com.

For further information, please contact:

Joseph Arrage
Chief Executive Officer
tel: 844-593-2547

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