Planet Based Foods Global Inc. , known as PBFG, a company offering a diverse range of hemp-based food alternatives, is excited to declare the successful conclusion of the second and final portion of its previously announced private placement. The non-brokered private placement involved the issuance of 67 convertible debenture units (referred to as “Units”) at a price of $1,000 per Unit, contributing to a total gross aggregate amount of up to CAD $67,000. This phase, termed the “Second Tranche Closing,” follows the company’s issuance of 274 Units during both tranches of the private placement, culminating in total gross proceeds of $341,000.
Each Unit from the Second Tranche Closing consists of:
(i) $1,000 principal value of 10% unsecured convertible debentures (“Convertible Debentures”) issued by the Company, featuring a maturity date of 18 months from the issuance date;
(ii) 5,000 subordinate voting share purchase warrants of the Company (individually known as a “Warrant”).
Holders of the Convertible Debentures can choose to convert them into fully-paid subordinate voting shares of the Company (“Shares”) anytime before the Maturity Date, at a conversion rate of $0.10 per Share. Similarly, each Warrant can be exercised to acquire one Share at an exercise price of $0.20 within a 24-month period from the issuance date.
The proceeds from the Second Tranche Closing will be allocated for general working capital and corporate objectives. All securities released in connection with this phase will be subject to a four-month and one-day holding period, adhering to applicable securities regulations.
About Planet Based Foods:
Planet Based Foods, a subsidiary of PBFG situated in San Diego, California, is dedicated to producing sustainable plant-based food alternatives. Established in 2018, the company’s mission is to contribute to a better food system by offering hemp-formulated superfood products that support both people today and the planet tomorrow. All of Planet Based Foods’ products are entirely vegan. The company specializes in creating clean, non-GMO, nutrient-dense food designed for the future, with sustainable hemp as a primary ingredient. Founded by Braelyn Davis, a former nutrition coach and cannabis marketer, along with Robert Davis, a food scientist and plant-based trailblazer, and Ted Cash, a seasoned restaurant industry professional, the company aims to establish hemp as a nutrient-rich protein source for sustainable global nutrition. Their product range encompasses a consumer line of nourishing frozen foods, plant-based food ingredients, and convenient comfort foods for food service and restaurants.
Forward-Looking Statements:
This news release includes forward-looking statements that reflect the current expectations of the Company and its management. These forward-looking statements are not historical facts but rather represent the Company’s current outlook regarding future results or events. Consequently, the news release contains forward-looking statements that involve risks, uncertainties, and assumptions that are hard to predict. These statements are based on present expectations, estimates, factors, and assumptions, and they encompass both known and unknown risks, uncertainties, and other factors. The statements and information provided are grounded in numerous assumptions concerning current and future business strategies and the business environment. As such, the Company undertakes no obligation to update or revise forward-looking information, except as required by law. Therefore, readers should not overly rely on the Company’s forward-looking statements.
