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Vancouver, BC – TheNewswire – June 22, 2023 – Mobio Technologies Inc. (“Mobio” or the “Company”) (TSXV:MBO) announces it has borrowed $200,000 CAD (the “Loan from Lanebury”) from Lanebury Growth Capital Ltd. (“Lanebury”) and has issued a promissory note to Lanebury. The Loan from Lanebury bears interest at an annual rate of 12% and matures on December 31st, 2023 at which date the principal and interest are due in full.
The Company also announces that it has borrowed $50,000 CAD (the “Loan from Phoenix”) from Phoenix Ventures Inc. (“Phoenix”) and has issued a promissory note to Phoenix. The Loan from Phoenix bears interest at an annual rate of 12% and matures on December 31st, 2023 at which date the principal and interest are due in full.
The Loan from Lanebury and the Loan from Phoenix are related party transactions pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Mr. Laurie Baggio is the beneficial owner of Phoenix, a director and officer of Mobio and a control person of Phoenix and Mobio, and, as such, Mr. Baggio has abstained from voting with respect to the Loan from Phoenix to Mobio. 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 Loan from Lanebury and the Loan from Phoenix.
The loans from Lanebury and Phoenix will be used for general working capital purposes of the Company.
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 [email protected]
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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