Plank Ventures Ltd. Announces Completion of Sale of its Investment in Karve IT Ltd.

Executive Summary

• Plank Ventures Ltd. completed the sale of its 310,000 Karve IT Ltd. common shares to Mobio Technologies Inc., receiving 2,861,538 Mobio common shares in exchange.
• The transaction closed after obtaining all required regulatory approvals and is a related‑party (non‑arm’s length) deal exempt from formal valuation and shareholder approval requirements.
• Following the closing, Plank no longer holds any equity in Karve and now holds 2,861,538 Mobio shares.

Key Details

• Transaction Structure: Share‑for‑share exchange; Plank sold 310,000 Karve common shares for 2,861,538 Mobio common shares issued from treasury.
• Valuation: Plank’s Karve shares valued at $186,000 ($0.60 per share). The number of Mobio shares was based on the market price nearest the purchase agreement date.
• Closing Date: Transaction closed after receipt of all required regulatory acceptances (date not specified beyond announcement).
• Related Party Nature: Both companies share common control and management; transaction qualifies as a non‑arm’s length related party transaction.
• Exemptions Applied: Exempt from formal valuation and shareholder approval under sections 5.5 and 5.7 of Multilateral Instrument 61‑101 because the fair market value does not exceed 25 % of Plank’s market capitalization.
• Finder’s Fees: No finder’s fees were paid in connection with the sale.
• Post‑Transaction Holdings: Plank now holds 2,861,538 Mobio shares and has no remaining equity interest in Karve.

Notable Quotes

“On behalf of the Board of Directors, Laurie Baggio, CEO and Director.” (Signature line)