PlantFuel Issues Warrants in Connection with its Partnership with GNC Ventures
Mississauga, Ontario – TheNewswire – August 9, 2022 – PlantFuel Life Inc. (CSE:FUEL) (OTC:PLFLF) (FSE:BR1B) (“PlantFuel” or the “Company”) the scientifically focused plant-based wellness company is pleased to announce, that further to its press release dated August 4, 2022, it has completed the first step of its partnership with GNC Ventures.
In connection with the partnership, the Company issued issue a total of 5,000,000 performance warrants to GNC. Each performance warrant entitles the holder to purchase one common share of the Company at a price of CAD$0.23 for a period of 5 years from the date of issuance. The performance warrants will only become exercisable upon the achievement of certain milestones (with 1,050,000 of the performance warrants being exercisable upon the Company having received US$1,500,000 in total purchases from GNC during calendar 2022, 1,850,000 of the performance warrants being exercisable upon the Company having received US$3,000,000 in total purchases from GNC during calendar 2023 and 2,100,000 of the performance warrants being exercisable upon the Company having received US$4,000,000 in total purchases from GNC during calendar 2024). Additionally, the performance warrants contain a feature that would permit the “net issuance” of the warrants on a “cashless exercise” basis, based on the market price of the Company’s at the time of the exercise.
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.
Forward‐Looking Information Cautionary Statement
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements may be identified by statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Forward-looking statements herein include, but are not limited to, expectations of management’s focus on and growth expectations of the PlantFuel brand and the Company’s business and strategic plans. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. PlantFuel undertakes no obligation to comment analyses, expectations or statements made by third parties in respect of PlantFuel, its securities, or financial or operating results (as applicable). Although PlantFuel believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements have been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond PlantFuel’s control, including the risk factors discussed in PlantFuel’s Listing Statement dated August 22, 2019 which is available on PlantFuel’s SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. PlantFuel disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.