Mr. Lance Tracey reports
LANEBURY PROVIDES UPDATE ON LOANS
Lanebury Growth Capital Ltd. has combined and extended the maturity of existing loans the company has
with Code Consulting Ltd. and Plank Ventures Ltd. (CSE: PLNK).
Combination of loans from Code, change of interest rate and extension of
the maturity date:
- The company has entered into an agreement with Code to combine the following existing loans, as of
Sept. 30, 2023, into a single new promissory note.
- Loan with the principal amount of $2,879,341 carrying 12-per-cent interest originally entered on
Jan. 1, 2023.
- Loan with the principal amount of $250,000 carrying 12-per-cent interest originally entered on July
13, 2023.
The maturity date of two loans was Sept. 30, 2023. The due date of the new combined loan shall
be Dec. 31, 2023.
Combination of loans to Plank and extension of the maturity date:
- Loan with the principal amount of $3,673,028 carrying 10-per-cent interest originally entered on
Jan. 1, 2023;
- Loan with the principal amount of $350,000 carrying 12-per-cent interest originally entered on June
22, 2023.
The maturity date of these two loans was Sept. 30, 2023. The due date of the new combined loan
shall be Dec. 31, 2023, carrying 12-per-cent interest.
The loan from Code and the loan to Plank are related party transactions pursuant to Multilateral
Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Lance Tracey is the beneficial owner of Code, a director of Lanebury and a control person of Lanebury
and Plank, and, as such, Mr. Tracey has abstained from voting with respect to the loan from Code and
the loan to Plank.
With respect to the loan from Code and the loan to Plank, Lanebury and Plank 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 Lanebury or Plank. Lanebury and Plank each have at
least one independent director, and all independent directors approved the loan from Code and the loan
to Plank.
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.
About Plank Ventures
Plank is an investment company targeting investments and business opportunities in the technology
arena, focusing on early-stage start-up companies that already have developed a customer and
revenue base and were seeking financing for expansion.
We seek Safe Harbor.
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