PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF), the digital face of the plant-based community operating a one-stop shop for plant-based products, has closed on a first tranche of financing for $1 million in conjunction with a share exchange agreement. The company announced that it has entered into a share exchange agreement with NewCo, a recently formed Cayman Islands corporation. According to the agreement, NewCo will acquire certain assets of PlantX in exchange for 6 million common shares of the new company. Those assets include wholly owned subsidiaries Vegaste Technologies US Corp., Little West LLC, Plant Based Deli LLC and PlantX Living Inc., along with PLTXF’s 53% interest in Portfolio Coffee Inc. and 51% interest Eh Coffee Corp. When the transaction is complete, PlantX anticipates owning an estimated 60% of the issued and outstanding shares of NewCo. The completion of the transaction, which has been unanimously approved by the PlantX board of directors, is subject to closing conditions. In addition, PlantX has selected an exclusive financial advisor. The company announced that it is working with a U.S.-based SEC registered broker-dealer and FINRA and SIPC member to assist with corporate structuring, identifying strategic partners and assisting with capital raising efforts. “The exchange of PlantX’s unique plant-based stores and brands to NewCo is the right step to capitalize on the significant growth opportunities in the emerging plant-based market and to unlock significant unrealized value for PlantX’s shareholders,” said PlantX Life CEO Lorne Rapkin in the press release. “PlantX shareholders will retain roughly 60% of an entity that is better capitalized, better positioned for growth and near-term profitability and more highly valued.”
To view the full press release, visit https://ibn.fm/QtwB5
About PlantX Life Inc.
PlantX is committed to being the digital face of the plant-based community as well as the one-stop shop for plant-based products. With its fast-growing category verticals, the company offers customers across North America more than 5,000 plant-based products across North America. PlantX also operates its own brand portfolio, including Little West Juices, Portfolio Coffee, Bloombox Club and XMarket. PlantX uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education and accessibility to the plant-based lifestyle. PlantX’s digital presence eliminates entry barriers for anyone interested in living a vegan lifestyle and thriving in a longer, healthier and happier life. For more information about this company, please visit www.PlantX.com and www.PlantX.ca.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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