Canadian Manufacturing

Planet Based Foods closes second tranche of private placement

by CM staff   

Financing Manufacturing Food & Beverage corporate purposes net proceeds Planet Based Foods working capital


The net proceeds of the second tranche closing will be used for general working capital and corporate purposes.

VANCOUVER — Planet Based Foods Global Inc., has closed the second and final tranche of its previously announced non-brokered private placement of 67 convertible debenture units at a price of $1,000 per for gross aggregate proceeds of up to CAD $67,000.

In total, the company issued an aggregate of 341 units under both tranches of the private placement for gross proceeds of $341,000.

Each Unit issued pursuant to the second tranche closing is comprised of: (i) $1,000 principal amount of 10 per cent unsecured convertible debentures issued by the company with a maturity date of 18 months from the date of issuance; and (ii) 5,000 subordinate voting share purchase warrants of the company.

Each convertible debenture is convertible at the holder’s option into fully-paid subordinate voting shares of the company at any time prior to the maturity date at a conversion price of $0.10 per share.

Each warrant is exercisable into one share of the company at an exercise price of $0.20 for a period of 24 months from the date of issuance.

The net proceeds of the second tranche closing will be used for general working capital and corporate purposes.

All securities issued in connection with the second tranche closing will be subject to a four-month and one day hold period in accordance with applicable securities laws.

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