RE:Time?MS12345 wrote: Is this the time to get a token news release to show that these guys are still breathing?
You just got that token news release!
Vancouver, B.C. –TheNewswire - November 3rd, 2022 - Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces that they have committed to a $177,200 CAD investment into Sitemax Systems Inc (“Sitemax”) in the form of a convertible promissory note (The “Note”). The Note carries a simple interest rate of 8% per annum (“Interest”) and matures two years from initial closing on October 27, 2024 (“Maturity”). Interest accrued is due and payable annually on the anniversary date of the Note. The Note is secured by the general security agreement against the assets of Sitemax. The Note includes an automatic conversion clause whereby it converts into equity securities of Sitemax upon significant financing transaction defined as the issuance and sale of preferred shares at a value of no less than $15,000,000 CAD pre-money resulting in aggregate gross proceeds of no less than $3,000,000 CAD to Sitemax. Additionally, the Note includes an optional conversion clause whereby the Company may elect to convert the Note into the most senior class of shares upon change of control or convert into Class 1 Common shares of Sitemax at anytime prior to maturity. The valuation cap used in determining the conversion price is $7,500,000 CAD pre-money.
The Company will provide the investment amount of $177,200 CAD via termination of currently outstanding loans receivable from Sitemax, in particular: the loan initiated on March 16th, 2022 with the combined principal and interest balance of $113,667 CAD, and the loan initiated on September 29th, 2022 with the combined principal and interest balance of $63,533 CAD. The Company will roll these promissory note receivables to make up the $177,200 CAD. There is now no further indebtedness due to Plank from Sitemax.
The proceeds of the investment will be used for operations, sales and marketing, product development, hiring core team members, business development and other general working capital purposes of Sitemax.
About Sitemax Systems Inc.
SiteMax is a software product designed for the field to office communication needs of a commercial general contractor. SiteMax is a full Construction Management software solution that has generated millions of daily logs, safety reports, photos records, time entries and more, all over the world.