UpSnap Inc. announced that it has amended the previously arranged debt financing with User Friendly Media (or an affiliate thereof, "UFM") by way of a secured debenture in the aggregate principal amount of CAD 200,000. The Debenture maturity date has been extended from June 22, 2018 until October 1, 2018. The Debenture remains subject to an annual interest rate of 13.5% on the principal paid quarterly to UFM through the issuance of common shares in the capital of UpSnap based on the five day weighted average price of the shares immediately preceding the interest payment date. The amendment of the Debenture with UFM will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). UpSnap intends to rely on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of this transaction based on a determination that the fair market value of the Debenture issued to UFM will not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.