Mobio Announces Closing of the Second and Final Tranche of Private Placement Financing

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(TheNewswire)

 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

 

Vancouver, B.C. / TheNewswire / January 30, 2019. Mobio Technologies Inc. (TSXV: MBO) (“Mobio” or the “Company”) is pleased to announce that is has received the approval from the TSX Venture Exchange to close the second and final tranche (the “Second Tranche”) of its previously announced non-brokered private placement of units (the “Units”). The Company issued 4,766,666 Units as a part of the Second Tranche at a price of $0.075 per Unit for aggregate gross proceeds of $357,499.95. Total gross proceeds of the Offering (tranches 1 and 2) were $1,180,000.05, and the Company issued a total of 15,733,334 Units and 7,866,666 common share purchase warrants. Each warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for two years from closing the date of the issuance.  The terms of the Offering remain the same as disclosed in the Company’s news releases dated January 14, 2019 and January 25, 2019. Upon closing of the Offering, the total number of issued and outstanding common shares of the Company will be 38,147,546.

 

The net proceeds of the Second Tranche of the Offering will be used for working capital and to retire a portion of the Company’s debt.

 

The securities issued pursuant to the Second Tranche of the Offering will be subject to a four-month and one day statutory hold period expiring May 30, 2019. No finder warrants of finder fees were paid in connection with the closing of the Second Tranche.

 

Laurie Baggio, President, CEO and Director of Mobio Technologies Inc. purchased 4,500,000 common shares at a price of $0.075 per share through Phoenix Ventures Inc. His participation in the Second Tranche of the Offering is considered to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such participation as neither the fair market value of the shares issued to, no the consideration paid by, such persons exceeds 25% of the Company’s market capitalization.

 

About Mobio Technologies Inc.

 

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:

 

Laurie Baggio, CEO Tel:  604-805-7498 [email protected]

 

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 under the profile of the Company.

 

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.

  

Copyright (c) 2019 TheNewswire - All rights reserved.