- PlantX Life (VEGA) has obtained up to $10,000,000 in financing from an arm’s length creditor
- The convertible note will bear interest at rate of 5.0 per cent per annum, payable monthly and matures on May 1, 2024
- Having received the financing, PlantX is no longer pursuing a non-brokered private placement
- PlantX Life is a digital-based distribution company with a fast-growing database serving customers across North America
- Shares in PlantX Life Inc. (VEGA) are up 16.67 per cent on the day, trading at C$0.035 per share at 2:15 pm ET
PlantX Life (VEGA) has obtained financing of up to $10,000,000 from an arm’s length creditor.
With this financing, subject to the conditions of a secured convertible promissory note issued to the holder, the company announced that it is no longer pursuing a non-brokered private placement.
“We listened to the feedback of shareholders, and have secured financing at attractive terms that is a more appropriate way for PlantX to fund its operations and plans,” said PlantX CEO, Lorne Rapkin.
The convertible note will bear interest at the rate of 5.0 per cent per annum, payable monthly, and matures on May 1, 2024. Proceeds under the convertible note will be advanced by the holder to PlantX at the company’s request, provided that any advance shall be for a minimum of $250,000. The note is secured by a general security interest over substantially all of the present and after-acquired personal property of PlantX.
The company intends to use the proceeds for working capital and general corporate purposes.
The note holder may convert, in whole or in part, the outstanding principal and accrued and unpaid interest into common shares of PlantX.
Should certain conditions be met, PlantX will be entitled to convert all of the eligible conversion amount into common shares.
Any shares issued in connection with the note are subject to a statutory four-month hold period.
PlantX Life is a digital-based distribution company with a fast-growing database serving customers across North America.
Shares in PlantX Life Inc. (VEGA) are up 16.67 per cent on the day, trading at C$0.035 per share at 2:15 pm ET.