Mobio Technologies Inc.
TSX VENTURE : MBO
OTCQX : MBIOF

June 16, 2015 08:00 ET

Mobio Technologies Closes Oversubscribed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2015) - Mobio Technologies Inc. (TSX VENTURE:MBO)(OTCQX:MBIOF), ("Mobio" or the "Company") is pleased to announce that it has closed an oversubscribed private placement. The private placement, previously announced on May 27, 2015, was increased and closed for gross proceeds of $819,960.

The Company issued 13,665,999 units to investors at $0.06 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant (a "Unit"). Each whole warrant entitles the holder to acquire one additional common share at a price of $0.10 for a period of 12 months from date of closing.

Transaction costs included the payment of finder's fees totalling $28,700 plus 478,333 finders' warrants with the same terms as the warrants forming part of the Units. All securities issued in connection with the offering are subject to a four-month-and-a-day hold period expiring on October 16, 2015.

"This additional working capital allows us to embark on a new phase of growth expected to be underpinned by the pending acquisition of Twenty Year Media Inc.," said Mike Edwards, CEO of Mobio. "We anticipate completing this acquisition in the near term, and are now positioned to immediately execute on opportunities once this occurs."

The acquisition of Twenty Year Media remains subject to satisfying of all closing conditions, including the approval of the TSX Venture Exchange.

About Mobio Technologies Inc.

Mobio is the parent company of Strutta, a social promotions platform that helps marketers bring potential customers from stranger to fan to customer. Strutta's Promotions API provides a technology platform that facilitates social media competitions & campaigns for global brands. Mobio is a publicly traded company on the TSX-V and the OTCQX, headquartered in Vancouver, BC. To learn more, 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.

Contact Information

  • Etienne Moshevich
    Transcend Resource Group, Investor Relations
    Tel: 604-681-0084
    ir@mobio.net