(TheNewswire)
Mississauga, O N - The Newswire - January 18, 2023 - PlantFuel Life Inc. (CSE:FUEL) (OTC:PLFLF) (FSE:BR1B)( “ PlantFuel ” or the “ Company ” ) the scientificallyfocused plant-based wellness company announcesthat it intends to complete a private placement (the “ PrivatePlacement ”) of up to a total of 1,000convertible debentures (the “ Convertible Debentures ”) at a price of$1,000 per Convertible Debenture for gross proceeds of up to$1,000,000.
Each Convertible Debenture will consist of (i) aprincipal amount of $1,000 (the “ Principal ”) for aterm of twenty-four (24) months, maturing on the date that is thesecond anniversary of the first date that the Convertible Debenturesare issued (the “ MaturityDate ”), and (ii) 6,250 transferable commonshare purchase warrants (the “ Warrants ”), which Warrants are describedbelow, and will bear an interest rate of 13% (the “ Interest ”) accruingannually and paid semi-annually in cash or common shares (the“ Shares ”) of the Company, at the election of the Company (with thenumber of Shares to be issued being equal to the amount of outstandinginterest divided by the closing price of the Company’s Shares on thebusiness day prior to the Interest payment date, subject to a minimumprice of $0.08 per Share).
Each Warrant will entitle the holder (the“ Holder ”) to purchase 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. Finder’s fees may be payable to qualified partiesin accordance with securities laws in Canada and the Policies of theCSE.
The use of proceeds will be used for working capitalfor the business and for the re-launch of PlantFuel brand in GNC inDecember.
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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