Mobio Provides an Update Regarding the Bridge Financing
Vancouver, B.C. – TheNewswire - August 8, 2022. Mobio Technologies Inc. (TSXV:MBO) (“Mobio” or the “Company”) announces that further to its news release dated June 2, 2022, Mobio needs extra time to complete the non-brokered private placement offering (the “Bridge Financing”). Mobio intends to complete the Bridge Financing by issuing approximately 4,285,714 common shares at a price of $0.07 per share to arm’s length parties for gross proceeds of up to $300,000 and may close the Bridge Financing in separate tranches.
In its news releases issued on March 15, 2022, March 16, 2022 and May 30, 2022 Mobio announced the proposed 100% acquisition of Tracksuit Movers Inc. (“TMI”), a full-service moving company franchisor through a share exchange (the “Transaction”).
Proceeds from the Bridge Financing will be used to cover the costs associated with proceeding to completion of the proposed Transaction including, audit fees, legal fees, preparing necessary documentation, due diligence and regulatory fees.
The Bridge Financing is planned to be completed independent of the completion of the Transaction with the funds being made available for Mobio’s use immediately upon closing of the Bridge Financing. The Bridge Financing is subject to the acceptance by the TSX Venture Exchange (the “Exchange”) and cannot close unless accepted by the Exchange.
Completion of the Transaction is subject to a number of conditions, including but not limited to, preparing and entering into a binding agreement, acceptance by the Exchange and disinterested shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Mobio should be considered highly speculative.
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.
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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 Mobio.
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.