- Filed an amended and restated short form preliminary short form prospectus in connection with the Offering.
- The Offering will be at a price of $1.25 per unit of the Company for the issuance of a minimum of 8,000,000 Units to raise minimum total gross proceeds of $10,000,000 .
- The Offering, which will be conducted on a “best efforts” agency basis, is being led by Mackie Research Capital Corporation as lead agent and sole bookrunner.
VANCOUVER, BC , Feb. 17, 2021 – PlantX Life Inc. (the ” Company ” or ” PlantX “) (CSE: VEGA ) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce that it has priced its previously announced offering (the ” Offering “) in its February 16, 2021 news release and has today filed an amended and restated short form preliminary short form prospectus in connection with the Offering. The Offering will be at a price of $1.25 per unit of the Company (a ” Unit “) for the issuance of a minimum of 8,000,000 Units to raise minimum total gross proceeds of $10,000,000 . The Offering, which will be conducted on a “best efforts” agency basis, is being led by Mackie Research Capital Corporation (the ” Agent “) as lead agent and sole bookrunner.
Each Unit will consist of one (1) common share of the Company (an ” Unit Share “, each such common share in the authorized capital structure of the Company, a ” Common Share “) and one (1) Common Share purchase warrant (a ” Warrant “). Each Warrant will be exercisable at a price of $1.45 and will entitle the holder to purchase one additional Common Share (a ” Warrant Share “) for a period of two (2) years from the closing of the Offering (the ” Closing “), provided that , if, at any time, the daily volume weighted average trading price (or closing price on trading days when there are no trades) of the Common Shares on the Canadian Securities Exchange (the ” CSE “) or, if the Common Shares are not listed on the CSE, then on such other recognized Canadian stock exchange on which the Common Shares are then listed, equals or exceeds $2.50 per Common Share over any ten (10) consecutive trading days, the Company shall be entitled, at its option, within ten (10) business days following such ten-day period, to accelerate the exercise period of the Warrants through the issuance of a press release (the ” Acceleration Notice “) specifying the new expiry date and, in such case, the Warrants will expire on the 30th day following the issuance of the Acceleration Notice. From and after the new expiry date specified in such Acceleration Notice, no Warrants may be issued or exercised, and all unexercised Warrants shall be void and of no effect following the new expiry date.
The net proceeds raised under the Offering will be used to fund expansion, to continue to develop a user app, to evaluate and pursue potential strategic acquisitions, and for working capital and general corporate purposes.
The closing of the Offering is currently expected to be on or about March 11, 2021 or such other date as agreed upon between the Company and the Agent, and is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory approvals including the approval of the CSE.
The Units are to be sold on a “best efforts” basis through the Agent in the provinces of British Columbia , Alberta and Ontario , and such other jurisdictions as the Agent and the Company may agree other than Quebec , and in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the ” U.S. Securities Act “) and all applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities in the United States or to, or for the account or benefit of, U.S. persons. The securities described herein have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
Read More: https://agoracom.com/ir/PlantX/forums/discussion/topics/755495-plantx-prices-offering-and-files-amended-and-restated-preliminary-short-form-prospectus/messages/2304002#message
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