(TheNewswire)
Vancouver, B.C. – TheNewswire - December 22 nd , 2022 - Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces that itplans to combine and extend the maturity of existing loans the Companyhas with Lanebury Growth Capital Ltd (“ Lanebury ”). Furtherto this, The Company announces extension of the due date on existingloans with Cascadia Junk Removals Inc and Phoenix Ventures Inc.
Combination of Loans from Lanebury Growth Capital Ltd.and extension of the maturity date:
The Company has entered into an agreement with LaneburyGrowth Capital Ltd. to combine the following four existing loans, asof December 31 st , 2022, into a single new promissorynote:
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Loan with the principal amount of $600,000 CAD carrying10% interest originally entered on September 2 nd ,2022:
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Loan with the principal amount of $1,300,000 CADcarrying 10% interest originally entered on July 12 th ,2022:
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Loan with the principal amount of $400,000 USD carrying10% interest originally entered on September 16 th , 2020:and
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Loan with the principal amount of $700,000 CAD carrying10% interest originally entered on January 29 th ,2019.
The maturity date of these four loans was December31 st , 2022. The due date of the new combined loan shall beSeptember 30, 2023.
The above combination and extension of the repaymentterms of the loans from Lanebury Growth Capital Ltd. are related partytransactions pursuant to Multilateral Instrument 61-101 Protection ofMinority Security Holders in Special Transactions (“MI 61-101”)because Mr. Lance Tracey is a control person of both Plank andLanebury Growth Capital Ltd. Plank relied on the exemption from thevaluation requirement pursuant to section 5.5(b)(Issuer Not Listed onSpecified Markets) of MI 61-101 and from the minority shareholderapproval requirement prescribed by section 5.7(1)(f) (Loan toIssuer, No Equity or Voting Component) of MI 61-101.
Extension of Repayment Terms of Loansfrom Cascadia Junk RemovalsInc. and Phoenix Ventures Inc.
The Company has also entered into agreement withCascadia Junk Removals Inc., US C-Corp, that on December31 st 2022, they will extend a loan which was originally due to mature onDecember 31 st , 2022 to mature on September 30, 2023. The loan carries aninterest rate of 10%, was entered into on August 30 th , 2018 for theoriginal principal amount of $300,000 USD.
The Company has also entered into agreement withPhoenix Ventures Inc., that on December 31 st , 2022 thatthey to wish to extend a loan which was originally due to mature onDecember 31, 2022 to mature on September 30, 2023. The loan carries aninterest rate of 10%, was entered into on September 2 nd , 2022 for theoriginal principal amount of 100,000 CAD.
Company’s CEO Laurie Baggio is the owner of bothPhoenix and Cascadia Junk Removals Inc. He abstained from voting onthe extensions of the repayment terms of these two loans. Theextensions of the repayment terms of these two loans are related partytransactions pursuant to Multilateral Instrument 61-101 Protection ofMinority Security Holders in Special Transactions (“MI 61-101”).Plank relied on the exemption from the valuation requirement pursuantto section 5.5(b)(Issuer Not Listed on Specified Markets) of MI 61-101and from the minority shareholder approval requirement prescribed bysection 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) ofMI 61-101.
About Plank Ventures Ltd.
Plank is an investment company targeting investmentsand business opportunities in the technology arena, focusing onearly-stage start-up companies that already have developed a customerand revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OFDIRECTORS
“Laurie Baggio”
CEO and Director
For additional information please contact:
Laurie Baggio, CEO Tel: 778 300-7565
Other than statements of historicalfact, all statements included in this news release, including, withoutlimitation, statements regarding future plans and objectives of Plankare forward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such statements. Factorsthat could cause actual results to differ materially from thoseexpected by Plank are those risks described herein and from time totime, in the filings made by Plank with Canadian securitiesregulators. Those filings can be found on the Internet at:http://www.sedar.com under the profile of Plank. Investors must notrely on the forward looking statements.
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