(TheNewswire)
Vancouver, B.C. – June 28,2024. – TheNewswire – Mobio Technologies Inc. (“Mobio” or the “Company”)(TSXV: MBO) announces that it plans to extendthe maturity of existing loan the Company has with Lanebury GrowthCapital Ltd. (“ Lanebury ”).
The Company has entered into agreement with LaneburyGrowth Capital Ltd. that on June 28, 2024, they will extend a loanwhich was due to mature on June 30, 2024 to mature on December 31,2024. The interest rate of the loan shall remain at 12% annual. Theloan was entered into on June 22, 2023 for the original principalamount of $200,000 CAD.
The Loan from Lanebury is a related party transactionpursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”). Mr.Lance Tracey is the beneficial owner of Lanebury, and a controlshareholder of Mobio.
Mobio 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, No Equityor Voting Component) of MI 61-101.
There is no undisclosed material information by Mobioand Mobio has at least one independent director, and the independentdirectors have approved the Amendment to the Loan fromLanebury.
About Mobio Technologies Inc.
Mobio is a publicly traded company on the TSX VentureExchange, headquartered in Vancouver, BC, and runs Strutta.com MediaInc. Strutta is a social promotions platform that helps marketersbring potential customers from stranger to fan to customer, andStrutta’s Promotions API provides a technology platform thatfacilitates 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 REGARDINGFORWARD-LOOKING STATEMENTS
Other than statements of historical fact, allstatements included in this news release, including, withoutlimitation, statements regarding future plans and objectives of Mobioare 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 Mobio are those risks described herein and from time totime, in the filings made by Mobio with Canadian securitiesregulators. 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 RegulatoryServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
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