Vancouver, 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.

 

The net proceeds of the Offering will be used for working capital and to retire a portion of the Company’s debt.

 

In 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.

 

Lanebury 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, the fair market value of the securities does not exceed $2,500,000, the Company has at least one independent director and all independent directors of the Company approved the issuance of securities. Lanebury Growth Capital Ltd. acquired at total of 10,666,668 common shares and 5,333,334 common share purchase warrants. Mr. Tracey indirectly controls 17,950,315 (53.77%) voting common shares of the Company.

 

About Mobio Technologies Inc.

 

Mobio is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, BC, and runs Strutta.com Media Inc. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta’s Promotions API provides a technology platform that facilitates social media competitions and campaigns for global brands. For more information visit www.mobio.net.

 

For additional information contact:

 

Laurie Baggio, CEO Tel:  604-805-7498 ir@mobio.net

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profile of the Company.

 

Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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