Business
Mobio Announces that the Company Closed the First Tranche of Bridge Financing
(TheNewswire) Vancouver, B.C. – TheNewswire – July 31, 2024 Mobio...
About this update from Mobio Technologies, Inc.
[{"type":"text","content":"Mobio Announces that the Company Closed the First Tranche of Bridge Financing\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, B.C. –\n \n\n TheNewswire –\n \n\n July 31, 2024\n \n\n Mobio Technologies Inc. (TSXV: MBO)\n(“Mobio”\n \n\n or the\n \n\n “Company”)\n \n\n wishes to announce that the Company received conditional\napproval from TSX Venture Exchange (the “\n \n\n Exchange\n \n\n ”) for the\nissuance of the convertible promissory notes (the “\n \n\n Bridge Financing\n \n\n ”).\n \n\n\n\n The Company also announces that it has closed the first\ntranche of the Bridge Financing as follows:\n \n\n\n\n\n\n $50,000 borrowed from Phoenix Ventures Inc.\n(\n \n\n Phoenix\n \n\n ”) on July 31, 2024\n \n\n\n\n\n\n $225,000 borrowed from Code Consulting Limited\n(\n \n\n Code\n \n\n ”) on July 31, 2024\n \n\n\n\n\n\n The Loans from Phoenix and Code are to bear no interest\nand to mature on December 31, 2024 at which date the principal on the\nLoans will be due in full. In the event of completion of the proposed\ntransaction with Tracksuit Movers Inc. (“\n \n\n TMI\n \n\n ”) (the\n“\n \n\n Transaction\n \n\n ”), the Loans are to be automatically converted into common\nshares of Mobio at the conversion price of $0.20 per share, or at the\nsame price per share as is determined in connection with the proposed\nTransaction.\n \n\n\n\n The Loans from Code and the Loan from Phoenix are\nrelated party transactions pursuant to Multilateral Instrument 61-101\nProtection of Minority Security Holders in Special Transactions (“MI\n61-101”). Mr.\n \n\n\n\n Laurie Baggio is the beneficial owner of Phoenix, a\ndirector and officer of Mobio and a control person of Phoenix and\nMobio, and, as such, Mr. Baggio has abstained from voting with respect\nto the Loan from Phoenix to Mobio. Mr. Lance Tracey is the beneficial\nowner of Code, and a control shareholder of Mobio.\n \n\n\n\n With respect to the proposed Bridge Financing, Mobio is\nrelying on the exemption from the valuation requirement pursuant to\nsection 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101\nand from the minority shareholder approval requirement prescribed by\nsection 5.7(1)(b) (Fair Market Value Not More Than $2,500,000) of MI\n6...