(TheNewswire)
Vancouver, B.C. – TheNewswire - December 5 th , 2022. Plank Ventures Ltd. (“Plank” or the “Company”) (CSE: PLNK) is pleased toannounce that they have invested $200,000 CADinto Shop and Shout Ltd, a Vancouver-basedtechnology company doing business as Creator.co (“ Creator ”).
The follow-on investment is part of the originalagreement from August 30 th , 2022, whereby the Company agreed to asecond loan of $200,000 CAD in the form of a convertible promissorynote (the “ Note ”) if Creator were to achieve setmonthly recurring revenue targets, directly related to its main software as a service business. Themonthly reccurring revenue amount has now been reached by Creator. Theconvertible promissory note carries 10% annual interest rate andmatures on August 30th, 2023 (the “ Maturity Date ”).Upon maturity, the Note is convertible into common shares of Creatorat the election of the holder at a conversion price equal to: (i) theValuation Cap divided by (ii) the aggregate number of common shares ofCreator outstanding as of the Maturity Date. The Note is subject toadditional conversion and maturity features as follows:
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a) in the event that, at any timewhen this Note remains outstanding, Creator completes equity financingresulting in the issuance and sale of its equity securities (the“Qualified Securities”) for the proceeds of at least $1,000,000 (a“Qualified Financing”), excluding any proceeds resulting fromconversion of Notes, then the outstanding principal and accruedInterest under this Note shall automatically convert into QualifiedSecurities at a conversion price equal to the lesser of: (a) 80% ofthe price per share paid upon Qualified Financing, or (b) price pershare equal to: (ii) the valuation cap divided by (ii) the aggregatenumber of common shares of Creator outstanding immediately prior tothe initial closing of the Qualified Financing. The QualifiedSecurities to be issued upon conversion of the Note shall be entitledto the same rights and subject to the same obligations provided in thepurchase agreement entered into upon Qualified Financing.
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b) in the event Creator proposesto effect (x) the acquisition of Creator by means of any transactionor series of related transactions (including, without limitation, anyreorganization, merger or consolidation, but not including a bona fideequity financing transaction) that results in the transfer of 50% ormore of the outstanding voting power of Creator, or (y) the sale ortransfer of all or substantially all of Creator’s assets other thanto an affiliate of Creator (either, a “Corporate Transaction”) prior to the conversion or repayment in fullof this Note, then at Plank’s election: (x) the Note will beconverted into common shares of Creator at a conversion price equalto: the valuation cap divided by the aggregate number of common sharesof Creator outstanding immediately prior to the closing of theCorporate Transaction (assuming conversion of all outstandingsecurities convertible into common shares and exercise of alloutstanding options and warrants, including all common shares ofreserved and available for future grant under any equity incentive orsimilar plan of Creator but excluding equity securities of Creatorissuable upon the conversion of convertible notes, or otherindebtedness), or (y) Creator will pay Plank an aggregate amount equalto the outstanding principal and unpaid accrued interest as of theclosing of the Corporate Transaction.
About Creator.co
Creator.co is a globally recognized top 5 Influencermarketing platform originally built to automateand scale influencer campaigns for brands. Creator has evolved into anecosystem for brands and creators to collaborate, grow, and earn more- together. Over 140,000 influencers have registered to the platformso far, and over 6,000 new creators are signing up monthly to theplatform.
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
All statements in this pressrelease, other than statements of historical fact, are“forward-looking information” with respect to the Company, Shop and Shout Ltd., andtheir respective business within the meaning of applicable securities laws, including the business plans andprospects of the Company . The Company provide s forward-looking statements for the purpose of conveying informationabout current expectations and plans relating to the future andreaders are cautioned that such statements may not be appropriate forother purposes. By its nature, this information is subject to inherentrisks and uncertainties that may be general or specific and which giverise to the possibility that expectations, forecasts, predictions,projections or conclusions will not prove to be accurate, thatassumptions may not be correct and that objectives, strategic goalsand priorities will not be achieved. These risks and uncertaintiesinclude but are not limited those identified and reported in the Company’s public filings under its SEDAR profile at www.sedar.com. Although the Company ha s attempted to identifyimportant factors that could cause actual actions, events or resultsto differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaim s any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise unless required bylaw .
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