(TheNewswire)
Vancouver, B.C. – TheNewswire - July 14, 2022. Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces that ithas issued a promissory note to Lanebury Growth Capital Ltd( “Lanebury” ) (CSE:LLL) for the proceeds of CAD $1,300,000 (the“ Loan ”). The proceeds of the Loan will be used to repay twoloans payable to Code Consulting Ltd. ( “Code” ): a$200,000 CAD loan carrying 10% annual interest maturing on December31, 2022, and $700,000 USD loan carrying 10% annual interest maturingon December 31, 2022.
The Loan is a related party transaction pursuant to MultilateralInstrument 61-101 Protection of Minority Security Holdersin Special Transactions (“ MI 61-101 ”). Mr. Lance Traceyis the beneficialowner of Code, a director ofLanebury and a control person of Lanebury and Plank, and, as such, Mr. Tracey has abstained from voting with respect tothe Loan..
Lanebury and Plank relied on the exemption from thevaluation requirementpursuant to section 5.5(b) (Issuer Not Listed on SpecifiedMarkets) of MI61-101 and fromthe minority shareholderapproval requirement pursuant to section 5.7(1)(f) (Loan to Issuer, No Equity or VotingComponent) of MI61-101.
There is no undisclosed materialinformation by Laneburyor Plank.Lanebury and Plank eachhave at least oneindependent director, andall independent directors approved the Loan from Code andthe Loan toPlank.
About Lanebury Growth CapitalLtd.
Lanebury is an investment company with an investmentstrategy focused on building a portfolio of high-quality investmentsin technology start-ups. The Company targetsinvestments, for the most part, that have a monthly revenue model andcan be scaled easily using internet and mobile technologies.
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: 604-428-7050
All statements in this pressrelease, other than statements of historical fact, are“forward-looking information” with respect to the Company, Lanebury, and theirrespective business withinthe meaning of applicable securities laws, including the business plans and prospects of theCompany . 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 to those identified andreported in theCompany’s public filingsunder 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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