RE:Amazing, just amazing! It's not Mobio, it's Plank!
Just more wash, rinse and repeat -- year after year. Somebody is making money and it is sure not the ordinary shareholder. If Mobio ever trades again I will get rid of it like a hot potato -- not sure it will get me $10.
Plank Ventures obtains loans from Code, Phoenix
2024-07-10 21:10 ET - News Release
Mr. Laurie Baggio reports
PLANK ANNOUNCES BORROWING $285,000
Plank Ventures Ltd. has borrowed $225,000 from Code Consulting Ltd. and has issued a promissory note to Code. The loan from Code bears interest at an annual rate of 12 per cent and matures on Dec. 31, 2024, at which date the principal and interest are due in full. Plank Ventures issued a promissory note to the company with respect to the loan from Code.
The company also announces that it has borrowed $60,000 from Phoenix Ventures Inc. The loan from Phoenix carries 12-per-cent interest per annum and matures on Dec. 31, 2024, at which date the principal and interest are due in full. Plank Ventures issued a promissory note to the company with respect to the loan from Phoenix.
The loan from Code and the loan from Phoenix are related-party transactions pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Laurie Baggio is the beneficial owner of Phoenix, a director of Plank Ventures, and a control person of Phoenix and Plank Ventures, and, as such, Mr. Baggio has abstained from voting with respect to the loan from Phoenix to Plank Ventures. Lance Tracey is the beneficial owner of Code and a control shareholder of Plank Ventures.
Plank Ventures relied on the exemption from the valuation requirement pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by Section 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101.
There is no undisclosed material information by Plank Ventures, Plank Ventures has at least one independent director, and the independent directors have approved the loan from Code and the loan from Phoenix.
The loans from Code and Phoenix will be used for general working capital purposes of the company.