Plantify Reports Closing of Private Placement

Executive Summary

• Plantify Foods closed a non‑brokered private placement, raising $1,764,000 in gross proceeds.
• The offering consisted of 19,600,000 units at $0.09 per unit, each unit containing one common share and one warrant (exercise price $0.12, exercisable for 36 months).
• Proceeds are earmarked to cover placement costs, repay existing debt, fund a 12‑month operating reserve, and support due‑diligence and potential acquisition activities.

Key Details

• Units Issued: 19,600,000 (each = 1 common share + 1 warrant).
• Price per Unit: $0.09 → Gross proceeds: $1,764,000.
• Warrant Terms: Right to purchase one share at $0.12 per share; exercisable for 36 months from issuance.
• Use of Proceeds:
• Pay private placement costs.
• Repay debt owed to non‑subscriber creditors.
• Provide a reserve for due‑diligence and other expenses related to a potential acquisition (search now commencing).
• Fund approximately 12 months of overhead expenses.
• Finder’s Fee: Upon TSXV acceptance, Plantify will issue a finder’s fee of 2,450,000 shares plus $145,530 cash to Amir Uziel Economic Consultant Ltd.
• Holding Period: All securities issued are subject to a four‑month hold period.
• Regulatory Condition: Closing remains subject to final acceptance by the TSX Venture Exchange (TSXV).

Notable Quotes

(No executive quotes were included in the release.)