/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN
The shares for debt transactions are considered to be a "related party transaction" under Multilateral Instrument 61-101 which transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as neither the fair market value of the transaction, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization.
The Company also announces that it authorized and is currently seeking to close a non-brokered private placement financing of Common Shares ("Unit Offering") and an unsecured convertible debenture (the "Debenture Offering") (collectively the "Offering") for aggregate proceeds of up to
The Unit Offering consists of the sale of a maximum of 30,000,000 units (each, a "Unit") of the Company at a price of
The Debenture Offering consists of an unsecured convertible debenture of a maximum amount of
The Offering is being sold pursuant to exemptions from prospectus requirements. The proceeds from the sale of Units will be added to working capital in furtherance of the Company's business. The securities issued pursuant to the Offering shall be subject to a statutory hold period of four months and one day and completion of the Offering remains conditional to the final approval of the
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Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved", the negative of these terms and similar terminology although not all forward-looking statement contains these terms and phrases. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors set out in the Company's annual and/or quarterly management discussion and analysis and in other of its public disclosure documents filed on SEDAR at www.sedar.com, as well as all assumptions regarding the foregoing. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither
THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN
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