(TheNewswire)
Vancouver, B.C. – TheNewswire - August 8, 2022. Mobio Technologies Inc. (TSXV:MBO)(“Mobio” or the “Company”) announces that further to its news release dated June 2,2022, Mobio needs extra time to complete the non-brokered privateplacement offering (the “ Bridge Financing ”). Mobio intends tocomplete the Bridge Financing by issuing approximately 4,285,714common shares at a price of $0.07 per share to arm’s length partiesfor gross proceeds of up to $300,000 and may close the BridgeFinancing in separate tranches.
In its news releases issued on March 15, 2022, March16, 2022 and May 30, 2022 Mobio announced the proposed 100% acquisition of Tracksuit Movers Inc. (“ TMI ”), afull-service moving company franchisor through a share exchange (the“ Transaction ”).
Proceeds from the Bridge Financing will be used tocover the costs associated with proceeding to completion of theproposed Transaction including, audit fees, legal fees, preparingnecessary documentation, due diligence and regulatory fees.
The Bridge Financing is planned to be completedindependent of the completion of the Transaction with the funds beingmade available for Mobio’s use immediately upon closing of theBridge Financing. The Bridge Financing is subject to the acceptance bythe TSX Venture Exchange (the “Exchange”)and cannot close unless accepted by the Exchange.
Completion of the Transaction is subject to a number ofconditions, including but not limited to, preparing and entering intoa binding agreement, acceptance by the Exchange and disinterestedshareholder approval. The Transaction cannot close until the requiredshareholder approval is obtained. There can be no assurance that theTransaction will be completed as proposed or at all. Investors arecautioned that, except as disclosed in the management informationcircular or filing statement to be prepared in connection with theTransaction, any information released or received with respect to theTransaction may not be accurate or complete and should not be reliedupon. Trading in the securities of Mobio should be considered highlyspeculative.
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: 604-805-7498 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 TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
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