Completes Non-Brokered Private Placement Mississauga, Ontario – TheNewswire - August 9, 2021 – PlantFuel Life Inc. (CSE:FUEL) (OTC:BLLXF) (FSE:BR1B) (CNSX:FUEL.CN) (“PlantFuel” or the “Company”) is pleased to announce that, further to its press releases dated July 27, 2021 and July 29, 2021, it has completed a non-brokered private placement (the “Private Placement”) of 12,000,000 units (the “Units”) at a price of $0.25 per Unit for gross proceeds of $3,000,000. Each Unit was comprised of one common share (each a “Share”) and one-half of one common share purchase warrant (each a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Share of the Company at a price of $0.40 per Share for a period of 18 months from the date of issuance.
The Company paid cash finder’s fees to certain registered dealers of up to 6% of the proceeds derived from subscriptions introduced to the Company under the Private Placement. The Shares and Warrants are subject to a statutory hold period until the date that is four months and one day from the date of issuance.
The Company intends to use the proceeds from the Private Placement to support its GNC launch and for general working capital.