Planet Based Foods Global Inc. Announces Closing of Debt Settlement Transactions with Related Parties

Core Viewpoint - Planet Based Foods Global Inc. has completed debt settlement transactions with Baron Global Financial Canada Ltd. and Coenda Investments Holding Corp., aimed at improving its financial position through the issuance of shares to settle outstanding debts [1][2][4]. Group 1: Debt Settlement Transactions - The company issued a total of 15,238,094 subordinated voting shares to settle a bona fide indebtedness of CAD 800,000, with the shares priced at CAD 0.0525 each, reflecting a 25% discount to the market price prior to the announcement [2]. - The shares issued are subject to a statutory hold period of four months and one day from the issuance date, in compliance with Canadian securities laws [3]. Group 2: Related Party Transactions - The creditors involved in the transactions are classified as "related parties," which qualifies the transactions as "related party transactions" under Multilateral Instrument 61-101 [4]. - The company utilized exemptions from formal valuation and minority shareholder approval requirements due to its serious financial difficulties, with the transactions structured to enhance its financial standing [4]. Group 3: Company Overview - Planet Based Foods Global Inc. focuses on sustainable ingredients and plant-based solutions, aiming to contribute to a cleaner and healthier global food system while aligning with evolving consumer values [5].