(TheNewswire)
MISSISSAUGA, ON – TheNewswire - July 16, 2021 - PlantFuel Life Inc. (CSE:FUEL) (OTC:BLLXF) (FSE:BR1B) (CNSX:FUEL.CN) ( "PlantFuel" or the "Company") announces that the Companyhas entered into a revolving loan facility andsecurity agreement with Colby Capital Limited (the “ Lender ”), in whichthe Lender agrees to provide a credit limit of $2,000,000 (the“ Loan ”) to the Company at an interest rate of 10% per annum,calculated daily, which shall be reduced to 8% per annum, calculateddaily, once a Permitted Purchase Order (defined in the Agreement aspurchase orders of products of the Company that have been approved byLender Representative), has been repaid in full.
“The Company is pleased to have arranged thisnon-dilutive financing which will allow it to grow aggressivelythrough the execution of its previously announced purchase orders”,stated Wally Rudensky, a member of the Board of Directors of theCompany. An advance of $500,000 (the “ Initial Advance ”)is requested by the Company and, simultaneously with the InitialAdvance, the Company shall issue to the Lender 200,000 common sharesof the Company (the “ Shares ”) as a set-up fee for the Loan at adeemed price of $0.30 per Share. The Shares are subject to a fourmonth hold period.
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 of consumerpackaged goods, manufacturing, logistics, and distribution. FUEL is aCPG life science company focused on the plant-based foods andsupplements industry. https://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.
For additional informationcontact:
PlantFuel Life Inc.
Copyright (c) 2021 TheNewswire - All rights reserved.