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Financings

Extension of Loans Payable

By The Northwire Desk — AI Analysis Dec 29, 2025 · 18:35 PLNK · 0.1 Plank Ventures Ltd.
PLNK · Price

Executive Summary

  • Plank Ventures Ltd. announced extensions of the repayment terms on six existing loans with Lanebury Growth Capital Ltd., Cascadia Junk Removals Inc., Phoenix Ventures Inc., and Code Consulting Limited, pushing maturity dates from 31 Dec 2025 to 30 Jun 2026 while keeping interest rates at 12% per annum.
  • The extensions involve CAD $4,308,251 (Lanebury), USD $300,000 (Cascadia), CAD $412,602 and CAD $50,000 (Phoenix), and CAD $765,135 plus CAD $225,000 (Code).
  • All extensions are treated as related‑party transactions under MI 61‑101; the company relied on exemptions from valuation and minority‑shareholder approval requirements.

Key Details

  • Lanebury Growth Capital Ltd. – Original loan of CAD $4,308,251 dated 30 Sep 2023; maturity extended to 30 Jun 2026; interest remains 12% annually.
  • Cascadia Junk Removals Inc. – Original loan of USD $300,000 dated 30 Aug 2018; maturity extended to 30 Jun 2026; interest remains 12% annually.
  • Phoenix Ventures Inc. – Two loans: CAD $412,602 (dated 31 Dec 2024) and CAD $50,000 (dated 14 Jan 2025); both maturities extended to 30 Jun 2026; interest remains 12% annually.
  • Code Consulting Limited – Two loans: CAD $765,135 (dated 31 Dec 2024) and CAD $225,000 (dated 10 Jan 2025); both maturities extended to 30 Jun 2026; interest remains 12% annually.
  • Related‑Party Disclosures:
  • Mr. Laurie Baggio (CEO & director) is the beneficial owner of Cascadia and Phoenix; he abstained from voting on the respective loan extensions.
  • Mr. Lance Tracey is a control person for both Plank and Lanebury/Code; he also abstained from voting where applicable.
  • Regulatory Basis: Extensions rely on MI 61‑101 exemptions: valuation exemption (section 5.5(b)) and minority‑shareholder approval exemption (section 5.7(1)(f)).

Notable Quotes

“On behalf of the Board of Directors, I confirm that all extensions were approved in accordance with applicable securities regulations and that appropriate conflict‑of‑interest safeguards were observed.” – Laurie Baggio, CEO & Director, Plank Ventures Ltd.

Read the original news release →

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