Business
Mobio Announces Bridge Financing Available to Existing Shareholders
(TheNewswire) Vancouver, B.C. – June 9, 2022 – TheNewsw...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Mobio Announces Bridge Financing Available to Existing Shareholders\n \n \n (TheNewswire)\n \n \n \n \n \n \n Vancouver, B.C. – June 9,\n \n \n 2022\n \n \n –\n \n \n TheNewswire -\n \n \n Mobio Technologies Inc. (TSXV:MBO)\n(“Mobio”\n \n \n or the\n \n \n “Company”)\n \n \n announces that further to the news release issued on June 2,\n2022,\n \n \n the Bridge Financing will be available to\nMobio’s existing shareholders who were Mobio’s shareholders on the\nrecord date of June 1, 2022 in accordance with the applicable\nsecurities laws.\n \n \n \n \n In its news releases issued on March 15, 2022, March\n16, 2022 and May 30, 2022 Mobio announced the proposed 100%\nacquisition of Tracksuit Movers Inc. (“\n \n \n TMI\n \n \n ”), a\nfull-service moving company franchisor through a share exchange (the\n“\n \n \n Transaction\n \n \n ”).\n \n \n \n \n In its news release issued on June 2, 2022, Mobio\nannounced that it intends to complete a bridge financing by issuing\napproximately 4,285,714 common shares at a price of $0.07 per share to\narm’s length parties for gross proceeds of $300,000 (the\n \n \n “Bridge\nFinancing”\n \n \n ). Mobio expects this to be the\nmaximum amount of securities issued and proceeds raised. The minimum\namount of the Bridge Financing is 3,571,428 common shares at a price\nof $0.07 per share for gross proceeds of $250,000.\n \n \n \n \n If the aggregate subscriptions for common shares exceed\nthe maximum number of common shares proposed, common shares will be\nallocated in proportion to the percentage subscribed to in the\naggregate.\n \n \n \n \n Proceeds from the Bridge Financing under both the\nminimum the maximum scenario will be used to cover the costs\nassociated with proceeding to completion of the proposed Transaction\nincluding, audit fees, legal fees, preparing necessary documentation,\ndue diligence and regulatory fees.\n \n \n \n \n The Bridge Financing will be completed independent of\nthe completion of the Transaction with the funds being made available\nfor Mobio’s use immediately upon closing of the Bridge Financing.\nThe Bridge Financing is subject to the acceptance by the\n \n \n TSX Venture Exchange (the “Exchange”).\n \n \n \n \n Completion of the Transaction is su...