PlantFuel Life Inc. (CSE:FUEL) (CNSX:FUEL.CN) (OTC:BLLXF) (FSE:BR1B) (the “Company”) announces that, further to its news release dated April 3, 2020 announcing loan agreements with each of 1610896 Ontario Inc. (a company owned and operated by Domenic Crudo, the former CFO of the Company), Natural Lines Inc. (a company owned and operated by Michael Lines, a director of the Company), and Layton Hipfner (the Master Grower of the Company) (together, the “Debtors”), the Company has entered into set-off agreements with each Debtor to set-off the loan amounts of $350,000 each owing to the Company by each Debtor against the surrender and cancellation of 700,000 post-consolidated common shares (the “Shares”) of the Company by each Debtor.
The Company confirms that a total of 2,100,000 Shares were cancelled and returned to treasury and, henceforth, the Company has released the Debtors of all obligations in connection with the loans.
Additionally, the Company announces that pursuant to an agreement (the “Agreement”) entered into with a consultant (the “Consultant”), it proposes to issue an aggregate of 107,974 common shares (the “Shares”) of the Company at a deemed price of $0.295 per Share for past services provided by the Consultant to settle fees of US$25,000 (CAD$31,852.50) owing to the Consultant.
All Shares are subject to a mandatory four month hold period from the date of issuance.
About PlantFuel Life Inc.
PlantFuel Life Inc is a scientifically focused plant-based wellness company managed by a group of successful entrepreneurs who have extensive experience in the areas of consumer-packaged goods, manufacturing, logistics, and distribution. FUEL is a CPG life science company focused on the plant-based foods and supplements industry. https://plantfuel.com/
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The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
