Plus Products Proposed Shares for Debt Private Placement
SAN MATEO, Calif., Sept. 11, 2019 (GLOBE NEWSWIRE) — Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) (the “Company” or “PLUS”), a leading cannabis branded products company in California, today announced that it has entered into an agreement with a certain arm’s length party with respect to the settlement of USD$1,044,806.03 owing or to be owing to such creditor by the Company for services rendered. Pursuant to the agreement, as payment in full of such amount, the Company has agreed to issue to the creditor, or an assignee of the creditor, 318,471 units (the “Units”) of the Company at a deemed price of CAD$4.32 per Unit. Each Unit consists of one subordinate voting share in the capital of the Company (a “Share”) and one warrant (a “Warrant”), with each Warrant entitling the holder to subscribe for one additional Share at a price of CAD$4.32 per Share until the date that is five years from the date of grant. All securities issued will be subject to a statutory four-month hold period. The completion of the transaction, including the issuance of the Units, is subject to a number of conditions as set out in the agreement.
PLUS Products is a California edibles company focused on using nature to bring balance to consumers lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. The PLUS Gummies and PLUS Mints are manufactured at PLUS’s own factory in Adelanto, CA, with strict internal and external testing to ensure accurate consistent dosage. PLUS is headquartered in San Mateo, CA with 80 employees.
For further information contact:
CEO & Co-founder
Head of Investor Relations
Tel +1 650.223.5478
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking information”). Forward-looking information are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur and include, but are not limited to, statements relating to the issuance of the Units and other such statements.
These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, completion of the conditions to the transaction and the issuance of the Units. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.