(TheNewswire)
Mississauga, Ontario– The Newswire – March 2, 2022 – PlantFuelLife Inc. (CSE:FUEL) (OTC:PLFLF) (FSE:BR1B) (“ PlantFuel ” or the “ Company ”) is pleasedto announce that, further to its news releases dated February 8, 2022,February 9, 2022 and February 11, 2022, it has closed the firsttranche of its non-brokered private placement (the “ Private Placement ”)issuing an aggregate of 5,980,000 units (each a “ Unit ”) at a priceof $0.50 per Unit raising aggregate gross proceeds of$2,990,000.
Brad Pyatt, Founder of PlantFuel, said, “Ourmanagement team is excited to secure this equity financing to driveour business forward. It's been a busy past fewmonths and things are really shaping up for the vision of PlantFueland our plant-based wellness strategy."
Each Unit is comprised of one common share (each a“ Share ”) and one transferable common share purchase warrant (eacha “ Warrant ”). Each Warrant entitles the holder to purchase oneadditional Share of the Company, at a price of $0.62 per Share for aperiod of 24 months from the date of issuance (the “ Expiry Date ”).
The Company paid finder’s fees of $55,620 and 111,240finder’s warrants (the “ Finder’s Warrants ”) to Echelon Wealth Partners andResearch Capital Corporation. The Finder’s Warrants arenon-transferable and exercisable at $0.50 per Finder’s Warrant untilthe Expiry Date.
The Shares, Warrants and Finder’s Warrants issued aresubject to a four-month hold period, pursuant to securities laws inCanada. The Company intends to use the proceeds from the PrivatePlacement to support its launch at Amazon and GNC and also for generalworking capital.
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 Canadian Securities Exchange ("CSE") hasneither approved nor disapproved the contents of this news release.Neither the CSE nor its Market Regulator (as that term is defined inthe policies 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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