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Vancouver, B.C. – TheNewswire – September 27th, 2024 – Plank Ventures Ltd. (“Plank” or the “Company”) (CSE:PLNK) wishes to announce its involvement in the termination of the shareholders’ agreement with Karve IT Ltd. following Karve’s repurchase of 390,000 common shares from DueNorth Systems Inc. Under the Share Repurchase Agreement dated August 30, 2024, Karve repurchased the shares for CAD $0.08 per share, totaling CAD $31,200. As a result, Plank Ventures and Tracksuit Movers Inc. will become the only remaining shareholders of Karve. To facilitate the buyback, Plank provided Karve with a loan of CAD $31,200, secured by a demand promissory note. With DueNorth no longer a shareholder, the shareholders’ agreement has been terminated, further solidifying Plank’s position within Karve.
The Company also announces that it has successfully executed 100,000 common share purchase warrants with Shout and Shop Ltd. and has acquired the corresponding shares. Each warrant allowed Plank to purchase one Class A common share at an exercise price of CAD $0.50 per share. The warrants, valid for two years from the date of issuance, have now been fully exercised, resulting in Plank obtaining 100,000 fully paid and non-assessable Class A common shares in Shout and Shop Ltd. This acquisition underscores Plank’s continued commitment to expanding its investment portfolio and strengthening its strategic position within the company.
About Plank Ventures Ltd.
Plank is an investment company targeting investments and business opportunities in the technology arena, focusing on early-stage start-up companies that already have developed a customer and revenue base and were seeking funding for expansion.
ON BEHALF OF THE BOARD OF DIRECTORS
“Laurie Baggio”
CEO and Director
For additional information please contact:
Laurie Baggio, CEO Tel: 778 300-7565
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 Plank 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 Plank are those risks described herein and from time to time, in the filings made by Plank with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com under the profile of Plank. Investors must not rely on the forward-looking statements.
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