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Plantx Life Inc
Symbol VEGA
Shares Issued 88,832,159
Close 2021-01-07 C$ 1.31
Recent Sedar Documents

Plantx completes Score Enterprise acquisition

2021-01-07 19:30 ET - News Release

Ms. Alexandra Hoffman reports

PLANTX COMPLETES ACQUISITION OF THE LOCAVORE BAR & GRILL AND ENGAGES INVESTOR RELATIONS PROVIDERS

Plantx Life Inc. has completed the acquisition of Score Enterprises Ltd., a privately held company that operates the Squamish-based Locavore Bar & Grill, and other related businesses including the Cloudburst Cafe and Locavore Food Truck. The restaurant location will be redesigned as the Plantx Canadian flagship brick-and-mortar shop.

Pursuant to the terms of the share purchase agreement between the company, Score Enterprises and the selling shareholders of Score, the company acquired all the issued and outstanding common shares of Score for a purchase price of $1.35-million, which was partially satisfied by the issuance of 1,897,152 common shares of the company at 53.9 cents per consideration share, that being equal to the 10-day volume-weighted average trading price of the common shares of the company on the Canadian Securities Exchange up until, and including, the close of business on Nov. 25, 2020. The remaining $327,435 was satisfied in cash.

Further to the terms of the share purchase agreement, the sellers have agreed to a voluntary lock-up of the consideration shares, whereby the consideration shares will be released from lock-up in accordance with the following release schedule:

  • 10 per cent of the consideration shares were released on closing;
  • 30 per cent of the consideration shares will be released from lock-up three months after closing;
  • 30 per cent of the consideration shares will be released from lock-up six month after closing;
  • The remaining 30 per cent of the consideration shares will be released nine months after closing.

The 15,000-square-foot Locavore Bar & Grill will be redesigned as Plantx's Canadian flagship location, keeping Locavore's management staff. The popular Cloudburst Cafe will become the Plantx Cafe, with an updated design and new menu, keeping the top-selling items. The company will use the space as a showcase for franchises, including a multitiered pop-up shop concept, food truck, and full-service bar for beer, wine and mixed drinks.

Plantx continues to advance its e-commerce growth by linking this Squamish location with its planned brick-and-mortar flagship locations in San Diego, Calif., and Tel Aviv, Israel. The integrated expansion efforts will help Plantx fulfill its vision of spreading health, wellness and plant-based education to consumers in all locations and beyond as it continues in its pursuit to be the one-stop shop for everything plant based and a digital leader in the plant-based community.

This Canadian flagship location in British Columbia will offer all products currently available on the Plantx website and will be used as a training centre for Plantx staff. The design, layout and offerings will be another way to help make a plant-based lifestyle accessible to residents of the province and eventually the rest of Canada.

"It's very exciting for us to be able to move forward with our Canadian Flagship store plans," said Julia Frank, Plantx chief executive officer. "We believe strongly in a brick-and-mortar presence to help educate those who want to learn about plant-based living, and look forward to seeing additional Plantx locations across North America and eventually around the globe."

Investor relations update

The company announces that it has engaged Future Gold Standard Media LLC, doing business as Future Money Trends, Native Ads Inc., Proactive Investors North American Inc., Stockhouse Publishing Ltd., Hybrid Financial Ltd., Agora Internet Relations Corp. and SRAX Inc. to provide investor relations services to the company.

As in-person events, fundraisers and awareness-raising campaigns have been unavoidably delayed or cancelled due to the COVID-19 pandemic, the company will utilize the IR providers to continue the company's marketing and public awareness efforts with its intended and targeted audiences.

Each IR provider is an arm's-length party to the company. Certain functions of the IR providers are anticipated to include investor relations activities under the policies of the Canadian Securities Exchange (CSE) and applicable securities laws.

Future Money Trends

The company has entered into an agreement with Future Money Trends to raise awareness for the Plantx brand among consumers and the company's shares among investors. The agreement with Future Money Trends covers an initial term of two years at an aggregate cost of $400,000 (U.S.). To the knowledge of the company, Future Money Trends and/or its principals own 1,163,636 common shares and 1,163,636 warrants of the company.

Native Ads

The company has entered into an agreement with Native Ads to provide digital media services, vendor management, and marketing and data analytics services. The agreement covers a term of one year at an aggregate cost of $750,000 (U.S.). To the knowledge of the company, Native Ads does not own or control any securities of the company.

Proactive

The company has entered into an agreement with Proactive to provide written and video interview coverage of news releases and other corporate developments. The agreement covers a term of one year at an aggregate cost of $22,500 (U.S.). To the knowledge of the company, Proactive does not own or control any securities of the company.

Stockhouse

The company has entered into an agreement with Stockhouse for the purposes of targeting potential investors. The agreement covers a term of one year at an aggregate cost of $60,000 (U.S.). To the knowledge of the company, Stockhouse does not own or control any securities of the company.

Hybrid Financial

The company has entered into an agreement with Hybrid Financial for the purposes of targeting potential investors. The agreement covers an initial term of six months at an aggregate cost of $350,000 (U.S.). To the knowledge of the company, Hybrid and/or its principals own 318,182 common shares and 318,182 warrants of the company.

Agoracom

The company has entered into an agreement with Agoracom for the purposes of targeting potential investors as well as engaging current shareholders. The agreement covers an initial term of one year at an aggregate cost of $75,000 to be satisfied in common shares of the company. To the knowledge of the company, Hybrid and/or its principals own 39,912 common shares of the company.

SRAX

The company has entered into an agreement with SRAX for the purposes of targeting new potential investors. The agreement covers an initial term of one year at an aggregate cost of $392,716 to be satisfied in cash or common share of the company. To the knowledge of the company, SRAX and/or its principals own 437,931 common shares of the company.

About Plantx Life Inc.

As the digital face of the plant-based community, Plantx's platform is the one-stop shop for everything plant based. With its fast-growing category verticals, the company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the company currently has plans under way to expand its product lines to include cosmetics, clothing and its own water brand, but the business is not limited to an e-commerce platform. The company uses its digital platform to build a community of like-minded consumers and, most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle, and thriving in a longer, healthier and happier life.

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