(TheNewswire)
Mississauga, Ontario – The Newswire – February 10, 2023 – PlantFuel Life Inc. (CSE:FUEL)(OTC:PLFLF) (F SE:BR1B) (“ PlantFuel ” or the“ Company ”) the scientifically focusedplant-based wellness company, announces that, further to its newsrelease of February 7, 2023, it has issued 833,333 common shares (each a “ Share ”) at a deemed price of $0.09 per Sharesettling $75,000 in debt owing to a creditor (the “ Debt Settlement ”)for past consulting services provided to the Company.
All securities issued pursuant to the Debt Settlementare subject to a mandatory 4 month hold period.
The Company also announces that, further to its newsrelease of December 30, 2022, it has cancelled an aggregate of 2,257,773 Shares issued to Brian Cavanaugh, adirector of the Company, pursuant to a Debt Settlement. The Sharesare being cancelled at the request of Mr. Cavanaugh.
The cancellation of 2,257,773Shares issued to Brian Cavanaugh, a director of theCompany, is a related party transaction (asdefined under Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions (“ MI 61-101 ”). TheCompany relied upon section 5.5(a) and 5.7(1)(a), the “Fair MarketValue Not More than 25% of market Capitalization” exemptions fromthe formal valuation and minority shareholder approval requirements,respectively, under MI 61-101.
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/
ON BEHALF OF THE BOARD
Brad Pyatt
CEO
The Canadian Securities Exchange (“ CSE ”) has neitherapproved nor disapproved the contents of this news release. Neitherthe CSE nor its Market Regulator (as that term is defined in thepolicies of the CSE) accepts responsibility for the adequacy oraccuracy of this release.
This news release does not constitutean offer to sell or a solicitation of an offer to buy any of thesecurities in the United States. The securities have not been and willnot be registered under the United States Securities Act of 1933, asamended (the "U.S. Securities Act") or any state securitieslaws and may not be offered or sold within the United States or toU.S. persons unless registered under the U.S. Securities Act andapplicable state securities laws or an exemption from suchregistration is available.
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