Planet Based Foods Global Inc. Announces Execution of Term Sheets for Related Party Debt Settlement
Planet Based Foods Global (OTC:PBFFF) has announced binding term sheets with Baron Global Financial Canada Ltd. and Coenda Investments Holding Corp. to settle an aggregate debt of $800,000 through the issuance of subordinate voting shares. The debt settlement will be executed at a price per share equal to the greater of $0.05 or 75% of the closing price on the CSE prior to the announcement.
The debt arose from compliance and financial services provided by Baron and operating expenses paid by Coenda. The transaction constitutes a related party transaction under MI 61-101, with the company citing financial hardship exemptions from formal valuation and minority approval requirements.
Planet Based Foods Global (OTC:PBFFF) ha annunciato term sheet vincolanti con Baron Global Financial Canada Ltd. e Coenda Investments Holding Corp. per estinguere un debito complessivo di $800.000 mediante l’emissione di azioni con diritto di voto subordinato. Il regolamento del debito avverrà a un prezzo per azione pari al maggiore tra $0,05 o il 75% del prezzo di chiusura sulla CSE precedente all’annuncio.
Il debito deriva da servizi di conformità e finanziari forniti da Baron e da spese operative coperte da Coenda. L’operazione costituisce una transazione con parti correlate ai sensi del MI 61-101; la società indica difficoltà finanziarie che la esentano dagli obblighi di valutazione formale e dall’approvazione delle minoranze.
Planet Based Foods Global (OTC:PBFFF) anunció hojas de términos vinculantes con Baron Global Financial Canada Ltd. y Coenda Investments Holding Corp. para saldar una deuda total de $800,000 mediante la emisión de acciones con voto subordinado. La liquidación de la deuda se realizará a un precio por acción igual al mayor entre $0.05 o el 75% del precio de cierre en la CSE previo al anuncio.
La deuda se originó por servicios de cumplimiento y financieros prestados por Baron y por gastos operativos pagados por Coenda. La operación constituye una transacción entre partes relacionadas según MI 61-101, y la compañía invoca dificultades financieras que la eximen de los requisitos de valuación formal y de la aprobación de los minoritarios.
Planet Based Foods Global (OTC:PBFFF)는 Baron Global Financial Canada Ltd. 및 Coenda Investments Holding Corp.와 총 $800,000의 채무를 후순위 의결권 주식 발행으로 상환하기 위한 구속력 있는 조건서(bindng term sheets)를 발표했습니다. 채무 상환은 주당 가격을 발표 이전 CSE 종가의 75%와 $0.05 중 더 높은 금액으로 결정해 진행됩니다.
해당 채무는 Baron이 제공한 규정 준수 및 금융 서비스와 Coenda가 지급한 운영비에서 발생했습니다. 이 거래는 MI 61-101에 따른 관련 당사자 거래에 해당하며, 회사는 정식 가치평가 및 소수주주 승인 요건에 대해 재정적 어려움을 이유로 예외를 주장하고 있습니다.
Planet Based Foods Global (OTC:PBFFF) a annoncé des term sheets contraignants avec Baron Global Financial Canada Ltd. et Coenda Investments Holding Corp. pour régler une dette totale de $800,000 par l’émission d’actions subordonnées avec droit de vote. Le règlement de la dette se fera à un prix par action égal au plus élevé entre $0.05 ou 75% du cours de clôture à la CSE avant l’annonce.
La dette provient de services de conformité et financiers fournis par Baron et de frais d’exploitation payés par Coenda. La transaction constitue une opération entre parties liées au sens du MI 61-101, la société invoquant des difficultés financières pour être exemptée des obligations d’évaluation formelle et d’approbation des minoritaires.
Planet Based Foods Global (OTC:PBFFF) hat verbindliche Term Sheets mit Baron Global Financial Canada Ltd. und Coenda Investments Holding Corp. angekündigt, um eine Gesamtverschuldung von $800.000 durch die Ausgabe von nachrangigen stimmberechtigten Aktien zu begleichen. Die Schuldenbegleichung erfolgt zu einem Kurs pro Aktie, der dem höheren Wert von $0,05 oder 75% des Schlusskurses an der CSE vor der Bekanntgabe entspricht.
Die Verbindlichkeiten entstanden durch Compliance- und Finanzdienstleistungen von Baron sowie durch von Coenda bezahlte Betriebskosten. Die Transaktion stellt gemäß MI 61-101 eine verbundenen Parteien-Transaktion dar; das Unternehmen beruft sich auf finanzielle Notlagen und beansprucht damit Ausnahmen von der formellen Bewertung und der Zustimmung der Minderheitsaktionäre.
- Company aims to improve financial position by converting $800,000 of debt to equity
- Settlement helps avoid potential default events on debt obligations
- Transaction structured to comply with regulatory requirements and protect minority shareholders
- Company is experiencing serious financial difficulties
- Significant shareholder dilution expected from debt conversion
- Related party transaction indicates potential conflicts of interest
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2025) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) (the "Company") announces that it has entered into binding term sheets with each of Baron Global Financial Canada Ltd. ("Baron") and Coenda Investments Holding Corp. ("Coenda") (together, the "Creditors") to settle an aggregate of
Under the term sheets, the Debt will be satisfied by the issuance of that number of Shares equal to the Debt divided by the greater of: (i)
The Debt arose from (i) the provision by Baron of compliance and financial services to the Company, and (ii) the payment by Coenda of certain operating expenses and working capital advances on behalf of the Company.
Related Party Transaction and Financial Hardship Exemptions
The Creditors are related parties of the Company for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Debt Settlement Agreements therefore constitute "related party transactions" under MI 61-101.
Provided the Debt Settlement Agreements are recommended for approval by the Audit Committee and are subsequently approved by the independent directors of the Company, the Company intends to rely upon exemptions from formal valuation and minority approval pursuant to Sections 5.5(g) and 5.7(1)(e) of MI 61-101 on the basis that the Company is in serious financial difficulty, the Debt Settlement Agreements are designed to improve the Company's financial position, and the terms of the transactions are reasonable in the circumstances of the Company.
Concurrently with this news release, the Company has filed a Material Change Report pursuant to Section 5.2 of MI 61-101. The terms of the Debt provide that an event of default would occur if the Company does not repay the Debt within 5 business days following demand from the creditor. As such, the Company views it as reasonable and necessary to file its Material Change Report fewer than 21 days prior to the anticipated closing of the Debt Settlement Agreements, so as to avoid an event of default.
About Planet Based Foods Global Inc.
Planet Based Foods Global Inc. is reimagining the future of food through a diverse portfolio of sustainable ingredients, plant-based solutions, and advancements in agricultural technology. With a focus on environmental stewardship, product excellence, and scalable impact, the Company empowers food manufacturers, partners, and consumers to participate in a cleaner, healthier, and more resilient global food system. Planet Based Foods operates with integrity and purpose, delivering products that align with evolving consumer values and contribute to a more sustainable future.
Additional information is available at www.sedarplus.ca.
On Behalf of the Board,
Claire Skillen
Chief Executive Officer and President
Contact: info@pbfglobal.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding future plans, strategies, objectives, expectations, and intentions of Planet Based Foods Global Inc. (the "Company"). These statements are based on current expectations and assumptions that are subject to risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, without limitation, industry developments, regulatory changes, access to capital, operational challenges, supply chain disruptions, and economic conditions. Actual results may differ materially from those expressed or implied in forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Company undertakes no obligation to update or revise any forward-looking statements except as required by law.
Additional information, including risk factors, is available in the Company's public filings on SEDAR+ at www.sedarplus.ca.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this release and accepts no responsibility for its adequacy or accuracy.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263007
FAQ
What is the total debt being settled by Planet Based Foods (PBFFF) in this transaction?
How will the share price for PBFFF's debt settlement be determined?
Why is Planet Based Foods (PBFFF) settling debt through share issuance?
Who are the creditors in Planet Based Foods' debt settlement agreement?
What regulatory exemptions is PBFFF using for this transaction?
