December 16, 2015 - VANCOUVER, BRITISH COLUMBIA – Mobio Technologies Inc. (TSXV: MBO; OTCQX: MBIOF), (“Mobio” or the “Company”) is pleased to announce that it has closed the financing previously announced on December 9, 2015 (the “Financing”), by way of a secured convertible debenture in the principal amount of $375,000 (the “Note”). The sole subscriber in the financing was NU2U Resources Corp. (the “Lender”), a company controlled by Lance Tracey.
In connection with the Financing, the Company is also effecting a consolidation of all of its issued and outstanding common shares on the basis of ten old common shares for one new common share (the “Consolidation”). The Company’s shares are expected to being trading on a consolidated basis effective at the open on Friday, December 18, 2015.
The Note bears interest at a rate of 12% per annum, accrued and calculated monthly, and matures on June 1, 2016. At the option of the Lender, the Note (including interest accrued thereon) is convertible into common shares of the Company at a price of $0.15 per share on a post-Consolidation basis. The Financing remains subject to the final approval of the TSX Venture Exchange.
In connection with the Financing, the Company has also issued to the Lender share purchase warrants to purchase up to 1,250,000 common shares of the Borrower, on a post-Consolidation basis (the “Warrants”). The Warrants have a life of one year and an exercise price of $0.15.
The proceeds of the Financing will be used to further build the Company’s two subsidiaries, Twenty Year Media Corp. (“TYM”) and Strutta.com Media Inc. (“Strutta”), and for general working capital purposes. All securities issued in connection with the Financing are subject to a four-month-and-one-day hold period.
The Company also announces the resignation of David Baxby from the board of directors. Mr. Baxby is resigning to focus on other business activities in Asia, and the Company thanks him for his service to the board.
Mobio is a publicly traded company on the TSX-V and the OTCQX, headquartered in Vancouver, BC. Mobio is the parent company to Strutta and Twenty Year Media. 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 & campaigns for global brands. Twenty Year Media is a media and technology company developing advanced technologies for the entertainment and motion picture sector. Twenty Year Media owns and operates Emerging Pictures, a US-based all-digital film and alternative content distribution network. Using data and social media analysis together with seamless digital delivery to theaters, Emerging Pictures enables content owners and exhibitors to be more effective and innovative in their distribution strategies and programming decisions. Emerging Pictures works with content and data partners such as Sony Pictures Classics, The Weinstein Company, Magnolia Pictures, IFC Films, and Vimeo to maximize the value of their content. For more information visit http://www.mobio.net.
For additional information contact: Etienne Moshevich Transcend Resource Group, Investor Relations Tel: 604-681-0084 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.