(TheNewswire)
Mississauga, Ontario – TheNewswire - September 29, 2021 - PlantFuel Life Inc.(CSE:FUEL) (CNSX:FUEL.CN) (OTC:BLLXF)(FSE:BR1B) (the “Company”) announces that,further to its news release dated April 3, 2020 announcing loanagreements with each of 1610896 Ontario Inc. (a company owned andoperated by Domenic Crudo, the former CFO of the Company), NaturalLines Inc. (a company owned and operated by Michael Lines, a directorof the Company), and Layton Hipfner (the Master Grower of the Company)(together, the “ Debtors ”), the Company has entered intoset-off agreements with each Debtor to set-off the loan amounts of$350,000 each owing to the Company by each Debtor against thesurrender and cancellation of 700,000 post-consolidated common shares(the “ Shares ”) of the Company by each Debtor.
The Company confirms that a total of 2,100,000 Shareswere cancelled and returned to treasury and, henceforth, the Companyhas released the Debtors of all obligations in connection with theloans.
Additionally, the Company announces that pursuant to anagreement (the “ Agreement ”) enteredinto with a consultant (the “ Consultant ”), it proposes to issue anaggregate of 107,974 common shares (the “ Shares ”) of theCompany at a deemed price of $ 0.295 per Share for past services provided by the Consultantto settle fees of US$25,000 (CAD$31,852.50) owing to the Consultant.
All Shares are subject to a mandatory four month holdperiod from the date of issuance.
About PlantFuel Life Inc.
PlantFuel Life Inc is a scientifically focusedplant-based wellness company managed by a group of successfulentrepreneurs who have extensive experience in the areas ofconsumer-packaged goods, manufacturing, logistics, and distribution.FUEL is a CPG life science company focused on the plant-based foodsand supplements industry. https://plantfuel.com/
Media Contact: ir@plantfuel.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.
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