PlantX Announces $10 Million Debt Financing

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Capital secured on favorable terms
Replaces previously announced private placement

VANCOUVER, BC, July 26, 2022 /PRNewswire/ – PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX“or the”Company“) announced today that it has secured debt financing enabling it to borrow up to $10,000,000 of an arm’s length creditor (the “Incumbent“), under the terms and subject to the conditions of a secured convertible promissory note issued to the Holder (the “Convertible noteWith this financing, the Company announced that it is no longer pursuing its non-brokered private placement which was previously announced on July 13, 2022.

“We have listened to shareholder feedback and secured financing at attractive terms which is a more appropriate way for PlantX to fund its operations and projects,” said PlantX CEO, Lorne Rapkin.

The convertible note will bear interest at the rate of 5.0% per annum, payable monthly and matures on May 1, 2024 (there “Due dateConvertible Note Proceeds will be advanced by the Holder to the Company, at the Company’s request, from time to time, provided that any advance will be a minimum of $250,000. The convertible note is secured by a general security interest over substantially all of the present and future personal property of the Company and certain subsidiaries and guaranteed by the same subsidiaries. The Company intends to use the proceeds for working capital and general corporate purposes.

The holder may, at any time up to and including the maturity date, convert, in whole or in part, the then unpaid principal and the accrued and unpaid interest (the “Eligible conversion amount“) into ordinary shares of the Company (“Ordinary actions“) at a conversion price equal to the closing price of the common shares on the Canadian Securities Exchange (the “CSE“) the last trading day immediately preceding the delivery of a written conversion notice by the holder, provided that in no case the conversion price per ordinary share is less than $0.05 per ordinary share (the “Processing price“), subject to adjustment in accordance with the terms of the Convertible Bond.

In addition, if the ten (10) day volume-weighted average trading price of the Common Shares at the CSE is greater than $0.25 per Common Share at any time after the date of issuance of the Convertible Note, the Company will then have the right to convert the entire Eligible Conversion Amount into Common Shares at the Conversion Price.

Notwithstanding the foregoing, the Convertible Bond may not be converted by either the Noteholder or the Company, in whole or in part, if such conversion gives the Noteholder beneficial ownership, control or direction, direct or indirect, or combination thereof, equal to or greater than 10% of the common shares then issued and outstanding, such amount taking into account any other common shares issuable under any other convertible security beneficially owned, controlled or directed by the carrier on a post-conversion basis.

Securities issued in connection with the Convertible Note are subject to a four month hold period in accordance with applicable Canadian securities laws.

About PlantX Life Inc.

As the digital face of the plant community, the PlantX platform is the one-stop-shop for everything plant-related. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. In addition to offering meal and houseplant deliveries, the company is currently planning to expand its product lines with its own juice and coffee companies, but the business is not limited to one platform. of e-commerce. The company uses its digital platform to create a community of like-minded consumers and, most importantly, to provide education. His successful business is built and strengthened on partnerships with the best nutritionists, chefs and brands. The company is eliminating barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

Connect with PlantX: E-mail | Website | Facebook | LinkedIn | Twitter | instagram| YouTube | ICT Tac

Forward-looking information

This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some instances, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, ” anticipate”, ” “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements according to which certain events or conditions “may” or “will” occur, or through discussions of strategy. Forward-looking information contained herein includes, but is not limited to, statements regarding the use of the Convertible Note proceeds and the issuance of common shares pursuant to the conversion of the convertible note in accordance with the terms thereof.

By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information contained in this press release, including, without limitation; the Company’s ability to comply with all applicable governmental regulations, including all applicable food safety laws and regulations; impacts on the Company’s business and operations due to the COVID-19 outbreak; the conflict in the east Europe; having a limited operating history; the Company’s ability to access capital to meet its future financing needs; the Company’s dependence on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.

Other risk factors may also be found in the Company’s continuous disclosure documents, which have been filed on SEDAR and can be viewed at www.sedar.com. Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management as of the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE PlantX Life Inc.

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