• Filed a preliminary short form prospectus in connection with a marketed public offering
• The size of the Offering, the pricing of each Unit, the exercise price of each Warrant and of the Compensation Options (as defined below), and the terms of the Acceleration Provision will be determined in the context of the market prior to the filing of an amended and restated short form prospectus in respect of the Offering.

VANCOUVER, BC , Feb. 16, 2021  – PlantX Life Inc. (the ” Company ” or ” PlantX “) (CSE: VEGA ) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce it has filed a preliminary short form prospectus in connection with a marketed public offering (the ” Offering “) of units of the Company (the ” Units “).

Each Unit will consist of one (1) common share of the Company (” Common Share “) and one (1) Common Share purchase warrant (a ” Warrant “). Each Warrant will entitle the holder to purchase one additional Common 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 a specified price per Common Share over any 10 consecutive trading days, the Company shall be entitled, at its option, within 10 business days following such 10-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 ” Acceleration Provision “).

The size of the Offering, the pricing of each Unit, the exercise price of each Warrant and of the Compensation Options (as defined below), and the terms of the Acceleration Provision will be determined in the context of the market prior to the filing of an amended and restated short form prospectus in respect of the Offering.

Mackie Research Capital Corporation (the ” Agent “) will be acting as the lead agent and sole bookrunner for the Offering. At the Closing, the Company will pay to the Agent a cash commission of 6% of the aggregate gross proceeds arising from the Offering other than in connection with a president’s list of investors (the ” President’s List Investors “), in which case the cash commission shall be 4% of the proceeds raised from President’s List Investors. In addition, and subject to regulatory approval, the Agent will receive compensation options (the ” Compensation Options “) exercisable at any time up to 24 months following Closing to purchase Common Shares in an amount equal to 6% of the number of Units sold in connection with the Offering (other than in connection with President’s List Investors, in which case the number of Compensation Options shall be 4% of the number of Units sold to President’s List Investors).

The Company intends to use the net proceeds from the Offering 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 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/755452-plantx-announces-public-offering-of-units/messages/2303909#message