Business
Mobio Announces Extension of the Promissory Note
(TheNewswire) Vancouver, B.C. – June 28, 2024. – TheNewswire ...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Mobio Announces Extension of the Promissory Note\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, B.C. – June 28,\n2024.\n \n \n – TheNewswire –\n \n \n Mobio Technologies Inc.\n \n \n (“Mobio”\n \n \n or the\n \n \n “Company”)\n(TSXV: MBO)\n \n \n announces that it plans to extend\nthe maturity of existing loan the Company has with Lanebury Growth\nCapital Ltd. (“\n \n \n Lanebury\n \n \n ”).\n \n \n \n \n The Company has entered into agreement with Lanebury\nGrowth Capital Ltd. that on June 28, 2024, they will extend a loan\nwhich was due to mature on June 30, 2024 to mature on December 31,\n2024. The interest rate of the loan shall remain at 12% annual. The\nloan was entered into on June 22, 2023 for the original principal\namount of $200,000 CAD.\n \n \n \n \n The Loan from Lanebury is a related party transaction\npursuant to Multilateral Instrument 61-101\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“\n \n \n MI 61-101\n \n \n ”). Mr.\nLance Tracey is the beneficial owner of Lanebury, and a control\nshareholder of Mobio.\n \n \n \n \n Mobio relied on the exemption from the valuation\nrequirement pursuant to section 5.5(b) (Issuer Not Listed on Specified\nMarkets) of MI 61-101 and from the minority shareholder approval\nrequirement prescribed by section 5.7(1)(f) (Loan to Issuer, No Equity\nor Voting Component) of MI 61-101.\n \n \n \n \n There is no undisclosed material information by Mobio\nand Mobio has at least one independent director, and the independent\ndirectors have approved the Amendment to the Loan from\nLanebury.\n \n \n \n \n About Mobio Technologies Inc.\n \n \n \n \n Mobio is a publicly traded company on the TSX Venture\nExchange, headquartered in Vancouver, BC, and runs Strutta.com Media\nInc. Strutta is a social promotions platform that helps marketers\nbring potential customers from stranger to fan to customer, and\nStrutta’s Promotions API provides a technology platform that\nfacilitates social media competitions and campaigns for global brands.\nFor more information visit www.mobio.net.\n \n \n \n \n For additional information please contact:\n \n \n \n \n Laurie Baggio, CEO Tel:  778-300-7565\n \n \n \n \n [email protected]\n \n \n \n \n C...