PlantX completes acquisition of online domain veganessentials.com
VANCOUVER, BC, Oct. 17, 2022
VANCOUVER, BC, Oct. 17, 2022 /CNW/ - PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, is pleased to announced that it has completed its previously announced acquisition of the online domain www.veganessentials.com, and certain associated intellectual property and assets from Veji Holdings Ltd ("Veji"). and its wholly-owned subsidiary, Veg Essentials LLC, for an aggregate purchase price of C$893,000 (the "Acquisition"). The purchase price was satisfied by (i) cash in the amount of C$143,000 and (ii) the issuance of 1,071,428 common shares (the "Consideration Shares") at a deemed issue price of C$0.70 per share.
In connection with the Acquisition, the Company paid a finder's fee of 102,857 common shares at a deemed issue price of $0.70 (the "Finder's Fee Shares") to an arm's length finder for its assistance in introducing the Veji to the Company.
The Consideration Shares and the Finder's Fee Shares are subject to a four-month hold period in accordance with applicable Canadian securities laws and the policies of the Canadian Securities Exchange.
As the digital face of the plant-based community, PlantX's platform is a one-stop shop for plant-based products. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering delivery service for meals and indoor plants, the Company currently has plans underway to expand its product lines to include a juice and coffee company. The Company uses its digital platform to build a community of likeminded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs, and brands. The Company's digital presence works to eliminate the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier, and happier life.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the business and strategic plans of the Company.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to inherent risks and uncertainties, which could cause actual results and developments to differ materially from those contemplated in this press release. The forward-looking information contained in this press release are made as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE PlantX Life Inc.