(TheNewswire)
Vancouver, BC - TheNewswire- December 29, 2023 - Plank VenturesLtd. (“Plank” or the “Company”)(CSE:PLNK ) announces that it plans to extend the maturity of existingloans the Company has with Lanebury Growth Capital Ltd(“ Lanebury ”), Phoenix Ventures Inc (“ Phoenix ”), CascadiaJunk Removals Inc and Code Consulting Limited.
Extension of Repayment Terms of Loans from Lanebury Growth Capital Ltd, PhoenixVentures Inc, Cascadia Junk Removals Inc and Code Consulting Limited.
The Company has entered into agreement with LaneburyGrowth Capital Ltd. that on December 29 th , 2023, theywill extend a loan which was originally due to mature on December31 st , 2023 to mature on June 30 th , 2024. Theinterest rate of the loan shall remain at 12% annual. The loan wasentered into on September 30 th , 2023 for the original principal amount of$4,308,251 CAD.
The Company has also entered into agreement withPhoenix Ventures Inc. that on December 29 th , 2023, theywill extend a loan which was originally due to mature on December31 st , 2023 to mature on June 30 th , 2024. Theinterest rate of the loan shall remain at 12% annual. The loan wasentered into on September 30 th , 2023 for the original principal amount of$216,232 CAD.
The Company has also entered into agreement withCascadia Junk Removals Inc. that on December 29 th , 2023, theywill extend a loan which was originally due to mature on December31 st , 2023 to mature on June 30 th , 2024. Theinterest rate of the loan shall remain at 12% annual. The loan wasentered into on August 30 th , 2018 for the original principal amount of$300,000 USD.
The Company has also entered into agreement with CodeConsulting Limited that on December 29 th , 2023, theywill extend a loan which was originally due to mature on December31 st , 2023 to mature on June 30 th , 2024. Theinterest rate of the loan shall increase to 12% annual. The loan wasentered into on December 13th, 2022 for the original principal amountof $200,000 CAD.
The Loans from Cascadia Junk Removals Inc., PhoenixVentures Inc., Code Consulting Limited and Lanebury Growth CapitalLtd. are related party transactions pursuant to MultilateralInstrument 61-101 Protectionof Minority Security Holders in Special Transactions (“ MI61-101 ”). Mr. Laurie Baggio is the beneficialowner of Cascadia Junk Removals Inc and Phoenix Ventures Inc, adirector of Plank and a control person of Cascadia, Phoenix and Plank,and, as such, Mr. Baggio has abstained from voting with respect to theLoans from Cascadia and Phoenix to Plank. Mr. Lance Tracey is thebeneficial owner of Code, and a control person of Plank and LaneburyGrowth Capital Ltd.
Plank relied on the exemption from the valuationrequirement pursuant to section 5.5(b)(Issuer Not Listed on SpecifiedMarkets) of MI 61-101 and from the minority shareholder approvalrequirement prescribed by section 5.7(1)(f) (Loan to Issuer, NoEquity or Voting Component) of MI 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
Forward Looking Statements
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.
Copyright (c) 2023 TheNewswire - All rights reserved.