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NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Mississauga, Ontario – TheNewswire – August 29, 2022 – PlantFuel Life Inc. (CSE:FUEL) (OTC:PLFLF) (FSE:BR1B) ("PlantFuel" or the "Company") a scientifically focused plant-based wellness company, announces that it has entered into a revolving loan facility and security agreement (the "Loan Agreement") with PlantFuel, Inc., (the "Borrower") a wholly-owned subsidiary of the Company located in Colorado, USA and Tasty Idea, LLC (the "Lender"), a company located in Colorado, USA.
Pursuant to the Loan Agreement, the Lender will loan the Borrower a principal sum of US$1,000,000 (the "Loan"). The Loan has 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 Shares are subject to a mandatory 4 month and 1 day hold period, pursuant to securities laws in Canada.
The Lender, Tasty Idea, LLC, is a company owned and operated by Brad Pyatt, the CEO and a director of the Company. As a result, the Loan and execution of the Loan Agreement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied upon the "Issuer Not Listed on Specified Markets" exemption from the formal valuation 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 with extensive experience in the areas of consumer-packaged goods, manufacturing, logistics, and distribution. https://plantfuellife.com/.
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
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