(TheNewswire)
Vancouver, B.C. – TheNewswire - December 14 th , 2022 - Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces it hasborrowed $200,000 CAD (the “Loan from Code” ) from Code ConsultingLtd (" Code ") and has issued a promissory note to Code. The Loanfrom Code bears interest at an annual rate of 10% and matures onSeptember 30 th , 2023 at which date the principal and interest are due infull.
The Company also announces that it has borrowed $50,000CAD (the “ Loan fromPhoenix ”) from Phoenix Ventures Inc.(“ Phoenix ”). The Loan from Phoenix carries 10% interest per annumand matures on September 30 th , 2023, at which date the principal andinterest are due in full. Plank issued a promissory note to theCompany with respect to the Loan from Phoenix.
The Loan from Phoenix and the Loan from Code arerelated party transactions pursuant to Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”). Mr. Laurie Baggio is the beneficial owner of Phoenix, adirector of Plank and a control person of Phoenix and Plank, and, assuch, Mr. Baggio has abstained from voting with respect to the Loanfrom Phoenix to Plank. Mr. Lance Tracey is the beneficial owner ofCode, and a control shareholder of Plank.
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.
There is no undisclosed material information by Plankand Plank has at least one independent director, and the independentdirectors have approved the Loan from Phoenix and the Loan fromCode.
The loans from Phoenix and Code will be used forgeneral working capital purposes of the Company.
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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