Mobio Issues Shares for Debt

About this update from Mobio Technologies, Inc.

[{"type":"text","content":"Mobio Issues Shares for Debt(via TheNewswire)\n \n \nVancouver, B.C. / TheNewswire / November 9, 2018 - Mobio Technologies Inc. (TSXV: MBO) (\"Mobio\" or the \"Company\") is pleased to confirm further to its news releases dated November 5, 2018 and November 7, 2018, that the Company's application to issue 3,994,779 common shares in the capital of the Company (\"Shares for Debt\") to settle an aggregate amount of $359,530 of debt at a deemed price of $0.09 per common share with two insiders of the Company, has been accepted by the TSX Venture Exchange (the \"TSXV\"), and the Company has issued 3,994,779 common shares.\n\n \n \nNo warrants were issued in connection with the Shares for Debt and all securities issued pursuant to the Shares for Debt transaction will be subject to a statutory hold period which will expire on March 10, 2019, four months and one day from the date of closing of the debt settlements.\n\n \n \nLaurie Baggio, the Chief Executive Officer and a Director of the Company, through Phoenix Ventures Inc. received 1,100,563 common shares pursuant to the Shares for Debt transaction.\n\n \n \nThe number of the common shares of the Company controlled by Mr. Baggio increased from 1,146,737 (prior to the transaction) to 2,247,300 (after the transaction). The percentage of the common shares controlled by Mr. Baggio increased from 6.2% (prior to the transaction) to 10.0% (after the transaction). The acquisition of common shares of the Company by Mr. Baggio through Phoenix Ventures Inc. did not occur through the market and Mr. Baggio may acquire further securities of the Company in the future. \n\n \n \nPursuant to this debt settlement, Lance Tracey, a control person of the Company, has acquired through Code Consulting Limited (\"Code\") 2,894,216 common shares of the Company. The number of the common shares of the Company controlled by Mr. Tracey increased from 7,131,593 (prior to the transaction) to 10,025,809 (after the transaction). The percentage of the common shares controlled by Mr. Tracey increased from 38.7% (prior to the transaction) to 44.7% (after the transaction).\n\n \n \nAfter the debt settlement, the number of issued and outstanding common shares of the Company increased from 18,419,433 to 22,414,212.\n\n \n \nThere was no material undisclosed information at the time of debt settlement. \n\n \n \nThe issuanc...

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