(TheNewswire)
Mississauga, Ontario – Newswire– October 31, 2022 – PlantFuel Life Inc. (CSE:FUEL) (OTC:PLFLF)(F SE:BR1B) (“ PlantFuel ” or the “ Company ”) the scientifically focusedplant-based wellness company is pleased toannounce that, further to its news release dated October 19, 2022, ithas closed the first tranche of its non-brokered private placement(the “ PrivatePlacement ”) issuing a total of 7,777,500 units(each a “ Unit ”) at a price of $0.08 per Unit raising aggregate grossproceeds of $622,200.
Each Unit is comprised of one common share (each a“ Share ”) and one-half of one common share purchase warrant (eacha “ Warrant ”) with each whole Warrant entitling the holder to purchaseone additional Share of the Company at a price of $0.20 per Share fora period of 36 months from the date of issuance. In the event that the Company’s common shares have aclosing price on the CSE (or such other exchange on which the CommonShares may be traded at such time) of greater than $0.30 per commonshare for a period of 10 consecutive trading days, the Company mayaccelerate the expiry date of the Warrants by giving notice to theholders thereof and, in such case, the Warrants will expire on the30th day after the date on which such notice is given to the holder bythe Company.
The Company paid finder’s fees of $10,656 and 133,200finder’s warrants (the “ Finder’s Warrants ”) to Research Capital Corporation. The Finder’s Warrants are non-transferable and exercisable at$0.08 per Finder’s Warrant for a period of 12 months from the dateof issuance.
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 the re-launch of the PlantFuel brand with GNC inDecember and also for general working 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/
BradP yatt CEO
investors@plantfuel.com
1-888-630-6938
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.
Forward - Looking Information Cautionary Statement
This press release may contain certain“forward-looking information” and “forward-looking statements”within the meaning of applicable Canadian securities legislation. Allinformation contained herein that is not historical in nature mayconstitute forward-looking information. Forward-looking statements maybe identified by statements containing the words “believes”,“anticipates”, “plans”, “intends”, “will”,“should”, “expects”, “continue”, “estimate”,“forecasts” and other similar expressions. Forward-lookingstatements herein include, but are not limited to, expectations ofmanagement’s focus on and growth expectations of the PlantFuel brandand the Company’s business and strategic plans. Readers arecautioned to not place undue reliance on forward-looking information.Actual results and developments may differ materially from thosecontemplated by these statements. PlantFuel undertakes no obligationto comment analyses, expectations or statements made by third partiesin respect of PlantFuel, its securities, or financial or operatingresults (as applicable). Although PlantFuel believes that theexpectations reflected in forward-looking statements in this pressrelease are reasonable, such forward-looking statements have beenbased on expectations, factors and assumptions concerning futureevents which may prove to be inaccurate and are subject to numerousrisks and uncertainties, certain of which are beyond PlantFuel’scontrol, including the risk factors discussed in PlantFuel’s ListingStatement dated August 22, 2019 which is available on PlantFuel’sSEDAR profile at www.sedar.com. The forward-looking informationcontained in this press release is expressly qualified by thiscautionary statement and are made as of the date hereof. PlantFueldisclaims any intention and has no obligation or responsibility,except as required by law, to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise.
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