(TheNewswire)
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Vancouver, BC - TheNewswire - December 29, 2023 - Mobio Technologies Inc. (“Mobio” or the “Company”) (TSXV:MBO) announces that it plans to extend the maturity of existing loan the Company has with Lanebury Growth Capital Ltd. (“Lanebury”).
The Company has entered into agreement with Lanebury Growth Capital Ltd. that on December 29, 2023, they will extend a loan which was originally due to mature on December 31, 2023 to mature on June 30, 2024. The interest rate of the loan shall remain at 12% annual. The loan was entered into on June 22, 2023 for the original principal amount of $200,000 CAD.
The Loan from Lanebury is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Mr. Lance Tracey is the beneficial owner of Lanebury, and a control shareholder of Mobio.
Mobio relied on the exemption from the valuation requirement pursuant to section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by section 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101.
There is no undisclosed material information by Mobio and Mobio has at least one independent director, and the independent directors have approved the Amendment to the Loan from Lanebury.
About Mobio Technologies Inc.
Mobio is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, BC, and runs Strutta.com Media Inc. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta’s Promotions API provides a technology platform that facilitates social media competitions and campaigns for global brands. For more information visit www.mobio.net.
For additional information please contact:
Laurie Baggio, CEO Tel: 778-300-7565 ir@mobio.net
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profile of Mobio.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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