Extension of Loans Payable

Executive Summary

• Plank Ventures Ltd. has entered into agreements to extend the maturity dates of six existing loans from various lenders (Lanebury Growth Capital, Cascadia Junk Removals, Phoenix Ventures, and Code Consulting) from June 30, 2026, to December 31, 2026.
• The interest rate on all extended loans remains unchanged at 12% annually.
• The extensions involve related party transactions requiring compliance with Multilateral Instrument 61-101, with specific directors abstaining from voting on their respective related party loans.

Key Details

• Lanebury Growth Capital Ltd. Loan:
  • Original Principal: $4,308,251 CAD
  • Original Entry Date: September 30, 2023
  • New Maturity Date: December 31, 2026
  • Interest Rate: 12% annual
• Cascadia Junk Removals Inc. Loan:
  • Original Principal: $300,000 USD
  • Original Entry Date: August 30, 2018
  • New Maturity Date: December 31, 2026
  • Interest Rate: 12% annual
  • Related Party Status: Mr. Laurie Baggio (Director/Control Person) is the beneficial owner of Cascadia and abstained from voting.
• Phoenix Ventures Inc. Loans:
  • Loan 1:
    • Original Principal: $412,602 CAD
    • Original Entry Date: December 31, 2024
    • New Maturity Date: December 31, 2026
    • Interest Rate: 12% annual
  • Loan 2:
    • Original Principal: $50,000 CAD
    • Original Entry Date: January 14, 2025
    • New Maturity Date: December 31, 2026
    • Interest Rate: 12% annual
  • Related Party Status: CEO Laurie Baggio is the owner of Phoenix and abstained from voting.
• Code Consulting Limited Loans:
  • Loan 1:
    • Original Principal: $765,135 CAD
    • Original Entry Date: December 31, 2024
    • New Maturity Date: December 31, 2026
    • Interest Rate: 12% annual
  • Loan 2:
    • Original Principal: $225,000 CAD
    • Original Entry Date: January 10, 2025
    • New Maturity Date: December 31, 2026
    • Interest Rate: 12% annual
  • Related Party Status: Mr. Lance Tracey is the beneficial owner of Code and a control shareholder of Plank.
• Regulatory Compliance:
  • All extensions are classified as related party transactions under Multilateral Instrument 61-101.
  • The Company relied on exemptions from the valuation requirement (section 5.5(b)) and the minority shareholder approval requirement (section 5.7(1)(f)) for these loans.