Vancouver, B.C. / TheNewswire / November 5, 2018 - Mobio Technologies Inc. (TSXV: MBO) ("Mobio" or the "Company") announces that is has entered into agreements with creditors of the Company to settle an aggregate amount of $359,530 of debt by issuing 4,565,463 common shares in the capital of the Company (the "Shares") at a deemed price of $0.07875 per Share, subject to all required regulatory approvals. No warrants were issued in connection with the debt settlement. The debt settlement transaction is for repayment of loans to two insiders of the Company.
All securities issued pursuant to the above-referenced debt settlements will be subject to a statutory hold period which will expire four months and one day from the date of closing of the debt settlements.
The Company determined it was in the best interest of its shareholders to reduce Company's debt at this time by the issuance of shares to preserve its cash for operations and is relying on exemptions from the prospectus and registration requirements and applicable securities laws to issue the Shares.
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@example.com
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.