PlantFuel(R) Announces Credit Line Facility
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 Company has entered into a revolving loan facility and security agreement with Colby Capital Limited (the “Lender”), in which the 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, calculated daily, once a Permitted Purchase Order (defined in the Agreement as purchase orders of products of the Company that have been approved by Lender Representative), has been repaid in full.
“The Company is pleased to have arranged this non-dilutive financing which will allow it to grow aggressively through the execution of its previously announced purchase orders”, stated Wally Rudensky, a member of the Board of Directors of the Company. An advance of $500,000 (the “Initial Advance”) is requested by the Company and, simultaneously with the Initial Advance, the Company shall issue to the Lender 200,000 common shares of the Company (the “Shares”) as a set-up fee for the Loan at a deemed price of $0.30 per Share. The Shares are subject to a four month hold period.
About PlantFuel Life Inc.
PlantFuel Life Inc is a scientifically focused plant-based wellness company managed by a group of successful entrepreneurs who have extensive experience in the areas of consumer packaged goods, manufacturing, logistics, and distribution. FUEL is a CPG life science company focused on the plant-based foods and supplements industry. https://plantfuel.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.
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PlantFuel Life Inc.