Plant Veda Announces $1,000,000 Convertible Loan and $225,000 Financing
VANCOUVER, British Columbia, April 22, 2022 (GLOBE NEWSWIRE) — Plant Veda Foods Ltd. MILK PLVFF A (the “Company” or “Plant Veda”), an award-winning manufacturer of dairy alternative foods, announces that it has entered into a loan agreement (the “Loan Agreement”) for a loan in the aggregate amount of $1,000,000 (the “Loan Agreement”) from a private lender (the “Lender”).
The Loan will be evidenced by a convertible promissory note secured in the principal amount of the Loan (the “Note”), maturing two years from the date of issue and bearing interest at the rate of 10% per annum. The unpaid principal amount and accrued but unpaid interest under the note are convertible into units of the Company (“Note Units”) at a price of $0.64 per Note Unit in accordance with the terms of the Agreement. loan. Each Note Unit consists of one common share of the Company and one common share purchase warrant, each warrant being exercisable to acquire one common share of the Company at a price of $0.85 per share for a period of two years from the date of issue. If the Company defaults on its obligation to repay principal or make an interest payment under the Loan Agreement, any unpaid principal will begin to accrue interest at the default rate of 20% per annum, compounded monthly. In consideration for the loan, the Company issued 100,000 common shares of the Company to the lender.
The Company also announces that it has completed a non-brokered private placement of 432,692 units of the Company (“Offered Units”) at a price of $0.52 per Offered Unit for aggregate gross proceeds of $225,000. Each offered unit consists of one common share of the Company and one common share purchase warrant, each of these warrants being exercisable to acquire one common share of the Company at a price of $0.85. share for a period of two years from the date of issue. . The Common Shares and Warrants comprising the Offered Units are subject to a statutory hold period of four months and one day from the date of issue.
About Plant Veda MILK PLVFF A
Plant Veda Foods Ltd. is on a mission to accelerate humanity’s shift to a plant-based way of life. We remain clear in our objectives; improve the environment and the overall health of mankind through plant-based consumption. Our company has succeeded in creating award-winning, plant-based dairy alternatives, continuing to shake up the dairy-free market by creating one-of-a-kind, one-of-a-kind products that make our customers forget about dairy to begin with.
Learn more at www.PlantVeda.com.
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Aaron Wong, Director
Email: [email protected]
Email: [email protected]
Email: [email protected]
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Often, but not always, forward-looking information and information can be identified by the use of words such as “anticipates”, “expects” or “does not expect”, “is expected”, “estimates”. , “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will” take, occur or be achieved. Forward-looking information in this press release includes statements about the company, including statements about the company’s future business prospects, trends, plans and strategies. Forward-looking information reflects management’s current expectations based on information currently available and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur within the time periods disclosed or not. at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes in the growth and size of dairy alternative markets; and (iii) other factors beyond the Company’s control. The Company operates in a rapidly changing environment. New risk factors emerge from time to time, and it is impossible for the management of the Company to predict all risk factors, nor can the Company assess the impact of all factors on the business of the Company. Company or the extent to which any factor, or combination of factors, could cause actual results to differ from those contained in the forward-looking information. The forward-looking information included in this press release is made as of the date of this press release, and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. , except as required by applicable law.
As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or warranties can be made as to the effects of the Company’s products on the health and well-being of any individual. The Company’s products are not intended to diagnose, treat, cure or prevent any disease.