RE:Well how about that! News! Another news item but I will not go so far as to call it news. One does not get a lot of assurance when they cannot even edit their typing better than this.
Vancouver, B.C. – TheNewswire - July 14, 2022.Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces that it has issued a promissory note to Lanebury Growth Capital Ltd (“Lanebury”) (CSE:LLL) for the proceeds of CAD $1,300,000 (the “Loan”). The proceeds of the Loan will be used to repay two loans payable to Code Consulting Ltd. (“Code”): a $200,000 CAD loan carrying 10% annual interest maturing on December 31, 2022, and $700,000 USD loan carrying 10% annual interest maturing on December 31, 2022.
TheLoan is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions(“MI 61-101”).Mr.Lance Tracey isthebeneficial owner of Code,adirector of Lanebury and a control person of Lanebury andPlank, and,as such, Mr. Tracey hasabstained from voting with respect to theLoan.
Laneburyand Plank relied on the exemption from the valuationrequirement pursuant to section5.5(b) (Issuer Not Listed on Specified Markets)ofMI 61-101and from theminority shareholder approval requirement pursuant to section5.7(1)(f) (Loan to Issuer, No Equity or Voting Component)ofMI 61-101.
There is no undisclosed material information byLanebury orPlank. Laneburyand Plank each haveat least one independent director,and all independent directors approved theLoan fromCodeand theLoanto Plank.
At least their spelling is correct!