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Plantify Foods Announces Signing of Securities Exchange Agreement with Save Foods and Proposed Convertible Debenture Private Placement with Save Foods
(TheNewswire) Vancouver, British Columbia – TheNewswire - March 31, ...
About this update from Plantify Foods Inc
[{"type":"text","content":"Plantify Foods Announces Signing of Securities Exchange Agreement with Save Foods and Proposed Convertible Debenture Private Placement with Save Foods\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n March 31, 2023 –\nPlantify Foods, Inc. (TSXV:PTFY) (\"\n \n \n Plantify\n \n \n \" or the\n\"\n \n \n Company\n \n \n \") is pleased to announce that it has signed a\nsecurities exchange agreement (the\n \n \n “Agreement\n \n \n ”)\nwith Save Foods, Inc. (Nasdaq: SVFD) (“\n \n \n Save Foods\n \n \n ”), a\nDelaware corporation traded on the Nasdaq Capital Market.\n \n \n \n \n The Agreement provides that the companies will issue to\neach other such number of common shares such that upon closing, Save\nFoods shall own 19.99% of the issued and outstanding capital stock of\nPlantify (immediately prior to closing) on a non-diluted basis and\nPlantify shall own 19.99% of the issued and outstanding capital stock\nof Save Foods (immediately prior to closing) on a non-diluted basis\n(the “\n \n \n Securities\nExchange\n \n \n ”).\n \n \n \n \n The Agreement also provides that, effective as of the\nclosing date of the Agreement (and subject to the required corporate\napprovals), each party will nominate one director of the other party.\nSave Foods has designated M\n \n \n r. Amitai\nWeiss\n \n \n as its appointee to the board of directors\nof Plantify, and Plantify has designated Dr. Roy Borochov as its\nappointee to the board of directors of Save Foods.\n \n \n \n \n The completion of the Securities Exchange is subject to\ncertain customary closing conditions, as well as receipt of\n \n \n TSX Venture Exchange (“\n \n \n TSXV\n \n \n ”) acceptance\nand the concurrent closing of Plantify’s issuance to Save Foods of a\nconvertible debenture (the “\n \n \n Debenture\n \n \n ”) in the principal sum of\n$1,500,000 (the “\n \n \n Debenture\nFinancing\n \n \n ”), which is also subject to TSXV\nacceptance.\n \n \n \n \n The Debenture will bear interest at the rate of 8% per\nannum and will be repayable over approximately 18 months. The\nprincipal may be converted, at the sole discretion of Save...