Business
Mobio Announces Closing of the First Tranche of Private Placement Financing
(via TheNewswire) Vancouver, B.C. / TheNewswire / January 25, 2019 - Mobio Technolog...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Mobio Announces Closing of the First Tranche of Private Placement Financing(via TheNewswire)\n\n \nVancouver, B.C. / TheNewswire / January 25, 2019 - Mobio Technologies Inc. (TSXV: MBO) (\"Mobio\" or the \"Company\") is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement of units (the \"Units\") by issuing 10,966,668 Units at $0.075 per Unit for total gross proceeds of $822,500.10 (the \"Offering\") and 5,483,334 warrants, with each warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 for two years from closing of the Offering The terms of the Offering remain the same as disclosed in the Company's news release dated January 14, 2019. Upon closing of the first tranche of the Offering, the total number of issued and outstanding common shares of the Company will be 33,380,880.\n\n \n \nThe net proceeds of the Offering will be used for working capital and to retire a portion of the Company's debt.\n\n \n \nIn connection with the closing of the first tranche of the Offering, the Company has agreed to pay finders' fees equal to $1,125 in cash and grant 15,000 finders' warrants with each finders' warrant exercisable for one year at a price of $0.10 per finders' warrant.\n\n \n \nLanebury Growth Capital Ltd., a CSE-listed company controlled by Lance Tracey, who is a \"Control Person\" of the Company as defined in the policies of the TSX Venture Exchange, has purchased 10,666,668 Units at a price of $0.075 per Unit. Mr. Tracey's position as the Control Person of the Company was approved by majority of disinterested shareholders of the Company at the Annual General and Special Meeting of shareholders of the Company held on October 21, 2016. Mr. Tracey's indirect participation in the private placement through Lanebury Growth Capital Ltd. is a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 (\"MI 61-101\"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(c)(Distribution of Securities for Cash) and 5.7(1)(b) (Fair Market Value Not More Than $2,500,000) of MI 61-101 in respect of such participation. The securities were distributed for cash, there is no undisclosed material information by the Company, th...