VANCOUVER, BC—(Marketwired – July 22, 2016) – Mobio Technologies Inc. (TSX VENTURE: MBO), (“Mobio” or the “Company”) is pleased to announce that it intends to conduct a non–brokered private placement in which it will raise up to $400,000 through the issuance of units of the Company at a price of $0.035 per unit (the “Private Placement“). Each unit will consist of one common share and one–half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.075 for a period of 24 months from closing of the Private Placement.
The Company will utilize the proceeds of the private placement to pay salaries, office rent, regulatory fees, audit fees and other operating costs. Assuming the Private Placement is fully–subscribed, the Company anticipates that approximately $260,000 will be expended on the Company's current business operations, $110,000 on regulatory, filing, legal, and audit fees, and the balance available for immediate accounts payable.
All securities issued in connection with the Private Placement will be subject to a four–month–and–a–day hold period. The Private Placement remains subject to the approval of the TSX Venture Exchange.
About Mobio Technologies Inc.
Mobio is a publicly traded company on the TSX Venture Exchange, headquartered in Vancouver, BC, and runs Strutta.com Media Inc. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta's Promotions API provides a technology platform that facilitates social media competitions and campaigns for global brands. For more information visit www.mobio.net.
CAUTIONARY NOTE REGARDING FORWARD–LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward–looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.