Vancouver, B.C. - TheNewswire – March 19, 2021 – Mobio Technologies Inc. (TSXV: MBO) (“Mobio” or the “Company”) announces that, subject to approval by the TSX Venture Exchange, it intends to extend the expiry date of 1,666,670 common share purchase warrants that were issued on March 26, 2018, pursuant to a non-brokered private placement financing (the “Warrants”).
The Warrants are exercisable for common shares of the Company at a price of $0.30 per common share and presently bear an expiry date of March 26, 2021. The Company is proposing to extend the expiry date of the Warrants by an additional 12 months to 5:00 p.m. (Pacific Time) on March 26, 2022.
All terms and conditions of the Warrants, including the exercise price, will remain unchanged.
A portion of the Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. The Company relies on (i) an exemption from the formal valuation requirement provided under section 5.5(b) of MI 61-101 on the basis that the Company is not listed on any of the specified markets, and (ii) an exemption from the minority approval requirement provided under section 5.5(b) of MI 61-101 on the basis that, insofar as a related party is involved, neither the fair market value of the securities to be distributed, nor the consideration to be received by the Company for those securities, exceeds $2.5 million, in addition to satisfying the other criteria therein.
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
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.
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.
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