Mobio Closes $500,000 Private Placement
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Vancouver, B.C. / TheNewswire / March 26, 2018 – Mobio Technologies Inc. (TSXV: MBO) (“Mobio” or the “Company”) is pleased to announce that, subject to final TSX Venture Exchange approval, it has completed its non-brokered private placement through the issuance of 6,666,680 units (the “Units”) at a price of $0.075 per Unit for aggregate gross proceeds of $500,001 (the “Offering”). Each Unit is comprised of one (1) common share and one-half of one (1/2) common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.15 for two years from closing of the Offering. The shares issued in the Offering are subject to a statutory hold period expiring July 27, 2018.
Finders’ fees were paid in the amount of $6,071.25 and 80,950 compensation warrants. The compensation warrants are exercisable for one year at $0.075 and are subject to a statutory hold period expiring July 27, 2018.
The expiry date of the warrants and compensation warrants may be accelerated by the Company if the common shares of the Company achieve a volume weighted average trading price greater than $0.20 for twenty (20) consecutive trading days.
Insiders of the Company have subscribed for $141,876 were issued 1,891,680 Units. As they are "related parties" (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (the "MI 61-101")), the Company is required to obtain a formal valuation for, and minority approval of, the Insider Subscriptions, in the absence of exemptions therefor. The Company intends to rely on (i) an exemption from the formal valuation requirement provided under section 5.5(b) of MI 61-101 on the basis that the Corporation is not listed on any of the specified markets, and (ii) an exemption from the minority approval requirement provided under section 5.5(b) of MI 61-101 on the basis that, insofar as a related party is involved, neither the fair market value of the securities to be distributed, nor the consideration to be received by the Corporation for those securities, exceeds $2.5 million, in addition to satisfying the other criteria therein.
The net proceeds of the Offering will be used for working capital and to retire a portion of the Company’s debt.
The Company also announces that Huitt Tracey provides investor relations for the Company.
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:
Huitt Tracey, Investor Relations
Tel: 604-537-2094
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.
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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