Business
Planet Based Foods Global Inc. Announces Execution of Term Sheets for Related Party Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2025) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) (the "Company") announces that it has entered into binding term sheets with each of Baron Global Financial Canada Ltd. ("Baron") and Coenda Investments Holding Corp. ("Coenda") (together, the "Creditors") to settle an aggregate of $800,000 of bona fide debt (the "Debt") through the issuance of subordinate voting shares of the Company (the "Shares"), ...
About this update from Planet Based Foods Global, Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 18, 2025) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) (the "Company") announces that it has entered into binding term sheets with each of Baron Global Financial Canada Ltd. ("Baron") and Coenda Investments Holding Corp. ("Coenda") (together, the "Creditors") to settle an aggregate of $800,000 of bona fide debt (the "Debt") through the issuance of subordinate voting shares of the Company (the "Shares"), subject to and in compliance with the policies of the Canadian Securities Exchange ("CSE"), and subject to finalization of definitive debt settlement agreements (the "Debt Settlement Agreements") and approval thereof by the Audit Committee and the independent directors of the Company.","length":855,"tagName":"p"},{"type":"text","content":"Under the term sheets, the Debt will be satisfied by the issuance of that number of Shares equal to the Debt divided by the greater of: (i) $0.05; or (ii) 75% of the closing price of the Company's Shares on the CSE on the trading day immediately prior to the dissemination of this news release. The Shares will be subject to a four-month hold period under applicable Canadian securities laws.","length":396,"tagName":"p"},{"type":"text","content":"The Debt arose from (i) the provision by Baron of compliance and financial services to the Company, and (ii) the payment by Coenda of certain operating expenses and working capital advances on behalf of the Company.","length":215,"tagName":"p"},{"type":"text","content":"Related Party Transaction and Financial Hardship Exemptions","length":59,"tagName":"p"},{"type":"text","content":"The Creditors are related parties of the Company for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlement Agreements therefore constitute "related party transactions" under MI 61-101.","length":298,"tagName":"p"},{"type":"text","content":"Provided the Debt Settlement Agreements are recommended for approval by the Audit Committee and are subsequently approved by the independent directors of the Company, the Company intends to rely upon exemptions from formal valuation and minority approval pursuant to S...