VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/09/14 -- Mobio Technologies Inc. (TSX VENTURE: MBO)(OTCQX: MBIOF), parent company of MobioINsider, the premier social network for social influencers, has closed an oversubscribed private placement. The private placement, previously announced on June 20, was increased and closed for gross proceeds of $1,400,028.
The company issued 18,667,033 units to investors at $0.075 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at a price of $0.17 for a period of 12 months from the closing of the offering, subject to certain acceleration provisions in the event that the shares trade at $0.25 or higher for 10 consecutive trading days.
Transaction costs included the payment of finder's fees totalling $19,968 plus 266,233 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 November 10, 2014.
"This additional working capital allows us complete our planned technology enhancements for the Mobio platform and embark on a new phase of growth," said Mike Edwards, CEO of Mobio Technologies. "We expect a more feature-rich product and targeted marketing efforts to translate into greater user engagement and ultimately increased revenues."
Mobio also announced that Mark Binns has left the company to pursue other interests. "We thank Mark for his contribution as CEO in guiding Mobio through its initial phase of growth," said Edwards. "We plan to build on his success, and have a strong team in place to take Mobio to the next level."
About Mobio Technologies Inc.
Mobio Technologies is the parent company of MobioINsider, the premier social network for social influencers, with its "Be Social. Get Paid" revenue sharing platform. MobioINsider allows these influencers to monetize high rates of fan engagement. In addition to MobioINsider, Mobio operates Strutta, a social promotions platform that helps marketers bring potential customers from stranger to fan to customer. Mobio Technologies 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 Technologies 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 Technologies are those risks described herein and from time to time, in the filings made by Mobio Technologies / LX Ventures 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.
Contacts:
Scott Liolios or Wojtek Nowak
Liolios Group, Inc. Investor Relations
Tel 1-949-574-3860
lxv@liolios.com
