02:56:24 EDT Mon 24 Jun 2024
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Plantx Life Inc (3)
Symbol VEGA
Shares Issued 27,362,804
Close 2023-10-03 C$ 0.015
Market Cap C$ 410,442
Recent Sedar Documents

Plantx Life to close Veg House deal

2023-10-04 14:28 ET - News Release

Mr. Lorne Rapki reports


Plantx Life Inc. intends to complete the transactions contemplated by its share exchange agreement with the recently formed company, Veg House Holdings Inc., on or before Oct. 6, 2023.

Consistent with the March 16, 2023, press release, available on SEDAR+, Plantx has committed to transferring a collection of assets in exchange for roughly 53 per cent of the total issued and outstanding shares of Veg House as at the time of the closing of the transaction. These assets encompass wholly owned subsidiaries including Vegaste Technologies U.S. Corp., Little West LLC, Plant Based Deli LLC and PlantX Living Inc., along with the company's 53-per-cent ownership stake in Portfolio Coffee Inc. and 51-per-cent ownership in Eh Coffee Corp.

Upon completion of the transaction, Plantx will own six million shares out of 11,368,640 outstanding shares in Veg House, translating to a significant 53-per-cent ownership stake in the Cayman Islands-based entity. Veg House, powered by Plantx's visionary leadership, is primed for further expansion and innovation in the plant-based market.

At the closing of this transaction, Veg House will have closed $2.85-million (U.S.) in financing in a brokered and non-brokered private placement financing at $1.00 (U.S.) per Veg House share.

The current Veg House management consists of: Alex Hoffman (chief executive officer), Shariq Khan (chief financial officer), Julia Frank (chief operating officer) and Sean Dollinger (special adviser). Veg House's current board of directors consists of: Mr. Hoffman and Lorne Rapkin. The current Plantx management consists of: Mr. Rapkin (CEO), Mr. Khan (CFO) and Mr. Hoffman (CMO), the board of directors consists of: Mr. Rapkin, Mr. Hoffman, Ralph Moxness and Quinn Field-Dyte, and Sean Dollinger is the promoter and founder of Plantx. The following directors and officers of Plantx have a financial interest in Veg House: Mr. Hoffman, Mr. Khan and Mr. Moxness. Mr. Moxness will receive 25,000 restricted Veg House shares for serving on the board of directors of Veg House, Mr. Hoffman will receive an annual salary of $156,000 (U.S.) for serving as the CEO of Veg House, and Mr. Khan will receive an annual salary of $130,000 (U.S.) for serving as the CFO of Veg House. The March 16, 2023, press release disclosed that Mr. Dollinger received one million Veg House shares in March, 2023, as partial consideration for acting as Veg House's CEO until his resignation on Aug. 10, 2023, which resignation was in anticipation of the closing of the Transaction and the appointment of Mr. Hoffman as CEO of Veg House.

The company also announces that it intends to complete a debt settlement transaction consisting of the issuance of two million common shares in the capital of the company at a price per debt settlement share of five cents to settle $100,000 in outstanding debt. The company intends to close the debt settlement on or after Oct. 12, 2023.

All of the debt settlement shares will be subject to a hold period expiring four months and one day from the date of closing of the debt settlement.

About Plantx Life Inc.

As the digital face of the plant-based community, Plantx's platform is a one-stop shop for plant-based products. With its fast-growing category verticals, Plantx offers customers across North America more than 5,000 plant-based products. Plantx also has other brands in the Plantx portfolio, including a juice brand, a coffee company, a plant shop, and brick-and-mortar grocery stores. Plantx uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. Plantx's digital presence eliminates entry barriers for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

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