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Enter Symbol
or Name
USA
CA



Lanebury Growth Capital Ltd
Symbol LLL
Shares Issued 10,720,803
Close 2023-07-11 C$ 0.14
Market Cap C$ 1,500,912
Recent Sedar+ Documents

Lanebury Growth borrows $250,000 (U.S.) from Code

2023-07-31 17:01 ET - News Release

Subject: Lanebury Growth Capital Ltd // For immediate release Word Document File: '\\swfile\EmailIn\20230731 134844 Attachment LLL_20230731_NR_Recital.docx' LANEBURY GROWTH CAPITAL LTD. 750 West Pender Street, Suite 401 Vancouver, British Columbia V6C 2T7 NEWS RELEASE Lanebury Announces Loan and Investment in Recital July 31, 2023 - Vancouver, British Columbia - Lanebury Growth Capital Ltd. (CSE: LLL) ("Lanebury" or the "Company") announces it has borrowed $250,000 USD (the "Loan") from Code Consulting Limited ("Code") and issued a promissory note to Code. The Loan bears interest at an annual rate of 12% and is repayable on September 30, 2023. The Company further announces a $250,000 USD investment (the "Investment") in Recital Software Corp. ("Recital") by way of purchasing an unsecured convertible note (the "Note"). The Note bears interest at an annual rate of 10% and is maturing on July 14, 2025. Recital provides software as a service for in-house legal council that organizes and accelerates contract negotiations through the use of its contract lifecycle management solution. The Note provides that the Investment will be converted into Seed Preferred Shares of Recital upon qualified financing or upon maturity; the Note further provides an optional conversion of Seed Preferred Shares into common shares of Recital or other types of equity at the option of the lender at the occurrence of one of the following events: the closing of an underwritten public offering of Common Shares of Recital, or (ii) upon the written consent of the majority of the holders of the Seed Preferred Shares. Recital plans to use the investment of Lanebury for the purpose of funding Recital's ongoing business operations. The Loan is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Mr. Lance Tracey is the beneficial owner of Code, a director of Lanebury and a control person of Lanebury, and, as such, Mr. Tracey has abstained from voting with respect to the Loan. With respect to the Loan, the Company relied on the exemption from the valuation requirement pursuant to section 5.5(b)(Issuer Not Listed on Specified Markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by section 5.7(1)(f) (Loan to Issuer, No Equity or Voting Component) of MI 61-101. There is no undisclosed material information by the Company. Lanebury has at least one independent director, and all independent directors approved the Loan. About Lanebury Growth Capital Ltd. Lanebury is an investment company with an investment strategy focused on building a portfolio of high-quality investments in technology start-ups. The Company primarily targets investments that have a monthly revenue model and can be scaled easily using internet and mobile technologies. ON BEHALF OF THE BOARD OF DIRECTORS Lance Tracey Chief Executive Officer and Director Tel: (604) 428-7050 Cautionary Statement Regarding "Forward-Looking" Information Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Lanebury' s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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