(TheNewswire)
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Mississauga, Ontario– The Newswire – August 29, 2022– PlantFuel Life Inc.(CSE:FUEL) (OTC:PLFLF) (FSE:BR1B) (“PlantFuel” or the “Company”) a scientifically focusedplant-based wellness company , announces that it has entered into a revolvingloan facility and security agreement (the “ Loan Agreement ”)with PlantFuel, Inc., (the “ Borrower ”) a wholly-owned subsidiary of theCompany located in Colorado, USA and Tasty Idea, LLC (the“ Lender ”), a company located in Colorado, USA.
Pursuant to the Loan Agreement, the Lender will loanthe Borrower a principal sum of US$1,000,000 (the “ Loan ”). The Loanhas an interest rate of 10% and will mature on September 1,2023.
Concurrent with the execution of the Loan Agreement,the Company has agreed to issue to the Lender 500,000 common shares(the “ Shares ”) in the capital of the Company at a deemed price of$0.175 per Share as payment for the set-up for the Loan. The Sharesare subject to a mandatory 4 month and 1 day hold period, pursuant tosecurities laws in Canada.
The Lender, Tasty Idea, LLC, is a company owned andoperated by Brad Pyatt, the CEO and a director of the Company. As a result, the Loan and execution of theLoan Agreement is a related party transaction (as defined underMultilateral Instrument 61-101 Protection of Minority Security Holdersin Special Transactions (“ MI 61-101 ”)). The Company relied upon the“ Issuer Not Listed onSpecified Markets ” exemption from the formalvaluation 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/ .
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 securities lawsand may not be offered or sold within the United States or to U.S.persons unless registered under the U.S. Securities Act and applicablestate securities laws or an exemption from such registration isavailable.
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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