Business
Issuance of Shares Pursuant to Plan of Arrangement and Loan
(via TheNewswire) Vancouver, B.C. / TheNewswire / February 25, 2019 - Mobio Technologi...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Issuance of Shares Pursuant to Plan of Arrangement and Loan(via TheNewswire)\n \n \nVancouver, B.C. / TheNewswire / February 25, 2019 - Mobio Technologies Inc. (TSXV: MBO) (\"Mobio\" or the \"Company\"), and Plank Ventures Ltd. (formerly 0968998 B.C. LTD.) (\"Plank\") are pleased to announce that on February 22, 2019 Plank has issued its common shares to the shareholders of Mobio pursuant to the arrangement agreement and plan of arrangement between Mobio and Plank dated August 28, 2018 (the \"Plan of Arrangement\").\n\n \n \nMobio shareholders as of the share distribution record date of February 15, 2019 were issued one share of Plank with respect to every one share of Mobio. Mobio shareholders retained all their shares in Mobio.\n\n \n \nThe CUSIP number of common shares of Plank is 72706P100.\n\n \n \nPlank became a reporting issuer in Alberta and British Columbia on February 22, 2019.\n\n \n \nFull details of the Plan of Arrangement are provided in the management information circular of Mobio dated November 20, 2018, filed on SEDAR (www.sedar.com) under Mobio's profile on November 30, 2018.\n\n \n \nPlank also would like to announce that Lanebury Growth Capital Ltd. (CSE: LLL) (\"Lanebury\") has provided a $700,000 loan to Plank on a 2-year term and subject to 10% interest per annum (the \"Loan\"). At the time the Loan was provided, Plank was a wholly owned subsidiary of Mobio, and at the time of the transaction, the Loan was a related party transaction pursuant to MI 61-101.\n\n \n \nWith respect to the Loan, Lanebury, Mobio and Plank relied on the exemptions from the valuation and minority shareholder approval requirements contained in Sections 5.7(1)(b) (Fair Market Value Not More Than $2,500,000) and 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101 in respect of such participation. Lanebury, Mobio and Plank each have at least one independent director, and all independent directors approved the Loan.\n\n \n \nFor additional information contact: \n\n \n \nLaurie Baggio, CEO Tel: 604-805-7498 [email protected] \n\n \n \nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS \n\n \n \nOther than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio or Plank are forward-looking statements that involve ...