Mr. Laurie Baggio reports

COMBINATION AND EXTENSION OF LOANS PAYABLE

Plank Ventures Ltd. plans to combine and extend the maturity of existing loans the company has with Lanebury Growth Capital Ltd. and Phoenix Ventures Inc. Further to this, the company has extended the due date on existing loans with Cascadia Junk Removals Inc. and Code Consulting Ltd.

Combination of loans from Lanebury and extension of the maturity date

The company has entered into an agreement with Lanebury to combine the following two existing loans, as of Sept. 30, 2023, into a single new promissory note:

• 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 above combination and extension of the repayment terms of the loans from Lanebury are related-party transactions pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) because Lance Tracey is a control person of both Plank and Lanebury. 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.

Combination of loans from Phoenix and extension of the maturity date

The company has entered into an agreement with Phoenix to combine the following three existing loans, as of Sept. 30, 2023, into a single new promissory note:

• Loan with the principal amount of $100,000 (U.S.) carrying 10-per-cent interest originally entered on Sept. 2, 2022;
• Loan with the principal amount of $50,000 carrying 10-per-cent interest originally entered on Dec. 13, 2022;
• Loan with the principal amount of $50,000 carrying 10-per-cent interest originally entered on June 20, 2023.

The maturity date of these three loans was Sept. 30, 2023. The due date of the new combined loan shall be Dec. 31, 2023, carrying 12-per-cent interest.

The company's chief executive officer Laurie Baggio is the owner of Phoenix. He abstained from voting on the extensions of the repayment terms of these two loans. The extensions of the repayment terms of these three loans are related-party transactions pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). 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.

Extension of repayment terms of loans from Cascadia Junk Removals and Code Consulting

The company has also entered into an agreement with Cascadia Junk Removals and U.S. C-Corp., that on Sept. 30, 2023, they will extend a loan which was originally due to mature on Sept. 30, 2023, to mature on Dec. 31, 2023. The interest rate of the loan shall increase to 12 per cent annual. The loan was entered into on Aug. 30, 2018, for the original principal amount of $300,000 (U.S.) and carried an interest rate of 10 per cent.

The company has also entered into agreement with Code Consulting that on Sept. 30, 2023, it will extend a loan which was originally due to mature on Sept. 30, 2023, to mature on Dec. 31, 2023. The interest rate of the loan shall increase to 12 per cent annual. The loan was entered into on Dec. 13, 2022, for the original principal amount of $200,000 and carried an interest rate of 10 per cent.

The loan from Cascadia Junk Removals and the loan from Code Consulting are related-party transactions pursuant to Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Mr. Baggio is the beneficial owner of Cascadia Junk Removals, a director of Plank, and a control person of Cascadia and Plank, and, as such, Mr. Baggio has abstained from voting with respect to the loan from Cascadia to Plank. Mr. Tracey is the beneficial owner of Code Consulting 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.

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.