Mississauga, Ontario – TheNewswire – March 2, 2022 – PlantFuel Life Inc. (CSE:FUEL) (OTC:PLFLF) (FSE:BR1B) ("PlantFuel" or the "Company") is pleased to announce that, further to its news releases dated February 8, 2022, February 9, 2022 and February 11, 2022, it has closed the first tranche of its non-brokered private placement (the "Private Placement") issuing an aggregate of 5,980,000 units (each a "Unit") at a price of $0.50 per Unit raising aggregate gross proceeds of $2,990,000.
Brad Pyatt, Founder of PlantFuel, said, "Our management team is excited to secure this equity financing to drive our business forward. It's been a busy past few months and things are really shaping up for the vision of PlantFuel and our plant-based wellness strategy."
Each Unit is comprised of one common share (each a "Share") and one transferable common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one additional Share of the Company, at a price of $0.62 per Share for a period of 24 months from the date of issuance (the "Expiry Date").
The Company paid finder's fees of $55,620 and 111,240 finder's warrants (the "Finder's Warrants") to Echelon Wealth Partners and Research Capital Corporation. The Finder's Warrants are non-transferable and exercisable at $0.50 per Finder's Warrant until the Expiry Date.
The Shares, Warrants and Finder's Warrants issued are subject to a four-month hold period, pursuant to securities laws in Canada. The Company intends to use the proceeds from the Private Placement to support its launch at Amazon and GNC 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 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.
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