(TheNewswire)
Vancouver, BC - TheNewswire - December 29, 2023 - Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) announces that it plans to extend the maturity of existing loans the Company has with Lanebury Growth Capital Ltd (“Lanebury”), Phoenix Ventures Inc (“Phoenix”), Cascadia Junk Removals Inc and Code Consulting Limited.
Extension of Repayment Terms of Loans from Lanebury Growth Capital Ltd, Phoenix Ventures Inc, Cascadia Junk Removals Inc and Code Consulting Limited.
The Company has entered into agreement with Lanebury Growth Capital Ltd. that on December 29th, 2023, they will extend a loan which was originally due to mature on December 31st, 2023 to mature on June 30th, 2024. The interest rate of the loan shall remain at 12% annual. The loan was entered into on September 30th, 2023 for the original principal amount of $4,308,251 CAD.
The Company has also entered into agreement with Phoenix Ventures Inc. that on December 29th, 2023, they will extend a loan which was originally due to mature on December 31st, 2023 to mature on June 30th, 2024. The interest rate of the loan shall remain at 12% annual. The loan was entered into on September 30th, 2023 for the original principal amount of $216,232 CAD.
The Company has also entered into agreement with Cascadia Junk Removals Inc. that on December 29th, 2023, they will extend a loan which was originally due to mature on December 31st, 2023 to mature on June 30th, 2024. The interest rate of the loan shall remain at 12% annual. The loan was entered into on August 30th, 2018 for the original principal amount of $300,000 USD.
The Company has also entered into agreement with Code Consulting Limited that on December 29th, 2023, they will extend a loan which was originally due to mature on December 31st, 2023 to mature on June 30th, 2024. The interest rate of the loan shall increase to 12% annual. The loan was entered into on December 13th, 2022 for the original principal amount of $200,000 CAD.
The Loans from Cascadia Junk Removals Inc., Phoenix Ventures Inc., Code Consulting Limited and Lanebury Growth Capital Ltd. are related party transactions pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Mr. Laurie Baggio is the beneficial owner of Cascadia Junk Removals Inc and Phoenix Ventures Inc, a director of Plank and a control person of Cascadia, Phoenix and Plank, and, as such, Mr. Baggio has abstained from voting with respect to the Loans from Cascadia and Phoenix to Plank. Mr. Lance Tracey is the beneficial owner of Code, and a control person of Plank and Lanebury Growth Capital Ltd.
Plank 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.
About Plank Ventures Ltd.
Plank is an investment company targeting investments and business opportunities in the technology arena, focusing on early-stage start-up companies that already have developed a customer and revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
“Laurie Baggio”
CEO and Director
For additional information please contact:
Laurie Baggio, CEO Tel: 778 300-7565
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 Plank 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 Plank are those risks described herein and from time to time, in the filings made by Plank with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profile of Plank. Investors must not rely on the forward-looking statements.
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