11:38:54 EDT Tue 14 May 2024
Enter Symbol
or Name
USA
CA



Plank Ventures Ltd
Symbol PLNK
Shares Issued 17,740,019
Close 2023-06-02 C$ 0.06
Market Cap C$ 1,064,401
Recent Sedar Documents

Plank Ventures borrows $400,000 from Lanebury, Phoenix

2023-06-23 14:31 ET - News Release

Mr. Laurie Baggio reports

PLANK ANNOUNCES ISSUANCE OF PROMISSORY NOTE

Plank Ventures Ltd. has borrowed $350,000 from Lanebury Growth Capital Ltd. and has issued a promissory note to Lanebury. The loan from Lanebury bears interest at an annual rate of 12 per cent and matures on Sept. 30, 2023, at which date the principal and interest are due in full.

The company also announces that it has borrowed $50,000 from Phoenix Ventures Inc. The loan from Phoenix carries 10-per-cent interest per annum and matures on Sept. 30, 2023, at which date the principal and interest are due in full. Plank issued a promissory note to the company with respect to the loan from Phoenix.

The loan from Phoenix and the loan from Lanebury are related-party transactions pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Laurie Baggio is the beneficial owner of Phoenix, a director of Plank, and a control person of Phoenix and Plank, and, as such, Mr. Baggio has abstained from voting with respect to the loan from Phoenix to Plank. Lance Tracey is a director and a control person of Lanebury, and a control shareholder of Plank.

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 Plank and Plank has at least one independent director, and the independent directors have approved the loan from Phoenix and the loan from Lanebury.

The loans from Phoenix and Lanebury will be used for general working capital purposes of the company.

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 financing for expansion.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.