(TheNewswire)
Mississauga, Ontario – The Newswire – January 31, 2023 – PlantFuel Life Inc. (CSE:FUEL)(OTC:PLFLF) (FSE:BR1B) ( “ PlantFuel ” orthe “ Company ” ) the scientificallyfocused plant-based wellness company announcesthat it has closed its non-brokered private placement (the “ PrivatePlacement ”) issuing 198 convertible debentures(the “ ConvertibleDebentures ”) at a price of $1,000 perConvertible Debenture for gross proceeds of $198,000.
Each Convertible Debenture consists of: (i) adebenture certificate with a principal amount of $1,000 (the“ Principal ”) maturing on the date that is the second anniversary ofthe date that the Convertible Debentures are issued (the“ Maturity Date ”) which will bear interest at a rate of 13% (the“ Interest ”) accruing annually and paid semi-annually in cash orcommon shares (the “ Shares ”) of the Company, at the election ofthe Company (with the number of Shares to be issued being equal to theamount of outstanding interest divided by the closing price of theCompany’s Shares on the business day prior to the Interest paymentdate, subject to a minimum price of $0.08 per Share), and (ii) 6,250transferable common share purchase warrants (the “ Warrants ”).
Each Warrant entitles the holder (the “ Holder ”) topurchase one additional Share of the Company (a “ Warrant Share ”) at anexercise price of $0.20 per Warrant Share until 4:00 p.m. (VancouverTime) for 36 months from the closing date of the Private Placement,provided that in the event that the closing price of the Company’sShares on the Canadian Securities Exchange (the “ CSE ”) (or suchother exchange on which the Company’s Shares may become traded) is$0.30 or greater per Share during any ten (10) consecutive trading dayperiod at any time subsequent to four months and one day after theclosing date, the Warrants will expire at 4:00 p.m. (Vancouver time)on the 30th day after the date on which the Company provides notice ofsuch accelerated expiry to the holders of the Warrants.
At or prior to the Maturity Date, the Principal of theConvertible Debentures may be converted at the option of the Holderinto Shares of the Company at a deemed price and conversion rate of$0.08 per Share.
All securities issued pursuant to the Private Placementwill be subject to a four month hold period pursuant to securitieslaws in Canada. No finder’s fees were paid in connection with thePrivate Placement.
The use of proceeds will be used for marketing and forgeneral working capital for the business.
About PlantFuel Life Inc.
PlantFuel Life Inc. is a scientifically focused,plant-based wellness company managed by successful entrepreneurs withextensive experience in the areas of consumer-packaged goods,manufacturing, logistics, and distribution. https://plantfuellife.com/
The CSE has neither approved nor disapproved thecontents of this news release. Neither the CSE nor its MarketRegulator (as that term is defined in the policies of the CSE) acceptsresponsibility for the adequacy or accuracy of this release.
The securities referred to in thisnews release have not been, nor will they be, registered under theUnited States Securities Act of 1933, as amended, and may not beoffered or sold within the United States or to, or for the account orbenefit of, U.S. persons absent U.S. registration or an applicableexemption from the U.S. registration requirements.
This news release does not constitutean offer for sale of securities for sale, nor a solicitation foroffers to buy any securities. Any public offering of securities inthe United States must be made by means of a prospectus containingdetailed information about the company and management, as well asfinancial statements.
NOT FOR DISSEMINATION IN THE UNITEDSTATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOTCONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
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