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Lanebury Growth Capital Ltd
Symbol	LLL
Shares Issued	10,720,803
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Lanebury Growth combines, extends loan maturities

2023-10-03 17:46 ET - News Release

Subject: Lanebury Growth Capital Ltd. (CSE: LLL) // For Immediate Release PDF Document File: Attachment LLL_20231003_NR_CombinationOfLoans_CLEAN.pdf LANEBURY GROWTH CAPITAL LTD. 750 West Pender Street, Suite 401 Vancouver, British Columbia V6C 2T7 ____________________________________________________________________________ NEWS RELEASE Lanebury Provides Update on Loans Vancouver, B.C. October 3rd, 2023, Lanebury Growth Capital Ltd. (CSE: LLL) ("Lanebury" or the "Company") announces it has combined and extended the maturity of existing loans the Company has with Code Consulting Limited ("Code") and Plank Ventures Ltd. (CSE: PLNK) ("Plank"). Combination of loans from Code (the "Loan 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 September 30th, 2023, into a single new promissory note: - Loan with the principal amount of $2,879,341 CAD carrying 12% interest originally entered on January 1, 2023; and - Loan with the principal amount of $250,000 CAD carrying 12% interest originally entered on July 13th, 2023. The maturity date of two loans was September 30th, 2023. The due date of the new combined loan shall be December 31, 2023. Combination of loans to Plank (the "Loan to Plank") and extension of the maturity date: - Loan with the principal amount of $3,673,028 CAD carrying 10% interest originally entered on January 1, 2023; and - Loan with the principal amount of $350,000 CAD carrying 12% interest originally entered on June 22nd, 2023. The maturity date of these two loans was September 30th, 2023. The due date of the new combined loan shall be December 31, 2023 carrying 12% 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 ("MI 61-101"). Mr. 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 Ltd. 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 funding for expansion. 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.