Planet Based Foods Global Inc. (CSE: PBF) (OTCQB: PBFFF), a San Diego producer of a variety of hemp-based foods, ranging from burger patties to ice cream, announces a non-brokered financing consisting of units at a price of $1,000 per Unit for gross aggregate proceeds of up to CAD $675,000. The net proceeds will be used for general working capital and corporate purposes.
Each Unit is comprised of: (i) $1,000 principal amount of 10% unsecured convertible debentures issued by the Company with a maturity date of 18 months from the date of issuance; and (ii) 5,000 subordinate voting share purchase warrants of the Company.
Each Convertible Debenture is convertible at the holderâs option into fully-paid subordinate voting shares of the Company at any time prior to the Maturity Date at a conversion price of $0.10 per Share. Each Warrant is exercisable into one Share of the Company at an exercise price of $0.20 for a period of 24 months following the closing date of the Offering.
Founded by former nutrition coach and cannabis marketer Braelyn Davis, food scientist and plant-based pioneer Robert Davis, and restaurant industry veteran Ted Cash; Planet Based Foods is the creator of the first line of plant-based foods with sustainable hemp as the primary ingredient.
The evolving consumer perception of hemp
The company recently formed a UK subsidiary with the aim of entering the European market. Speaking in interview with vegconomist this April, CEO Davis explained his MO. âI had been working, speaking, and advocating on behalf of hemp, cannabis, and CBD for the better part of a decade. During this time, two interesting things began to stick out to me.
âOne was the evolving consumer perception of hemp. I was working and speaking with many people who were using CBD for medical conditions like epileptic seizures, and I could see that the stigma around the plant was changing fast. From being something bad to something good that heals the body, even something parents are comfortable with when sprinkling hemp hearts on their childrenâs dinner saladsâ
For further details about the Company and the listing transaction, see the Companyâs listing statement at and the Companyâs profile at .
Source: Vegconomist.com
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