Corporate Deals Food Tech Stock Market

Save Foods Completes Securities Exchange With Plantify

Save Foods Completes Securities

Save Foods Inc., a leading agri-food tech company specializing in eco-crop protection, has announced the acquisition of a 19.99% stake in Plantify Foods Inc., a company focused on sustainable plant-based food solutions. The transaction involved the exchange of 30,004,349 common shares of Plantify for 1,164,374 shares of the common stock of Save Foods, valuing the shares at CAD$0.05 per share.

In addition to the acquisition, Save Foods has provided Plantify with a convertible loan amounting to CAD$1,500,000, with an 8% annual interest rate and an 18-month maturity period. The loan amount can be converted into common shares on the maturity date or, under certain circumstances, at a conversion rate of CAD$0.05 per share in the first year and CAD$0.10 in the second year. Assuming the maximum amount is advanced under the Debenture for the entire 18-month term and an Interest Conversion Price of CAD$0.05, the loan amount could be converted into approximately 18,600,000 common shares on the maturity date.

Following this conversion, Save Foods would control up to 26.88% of Plantify’s outstanding common shares, provided Plantify issues no other common shares between now and the maturity date. The acquisition and loan are made for investment purposes. Save Foods may acquire additional shares or securities of Plantify in the open market or dispose of any or all of its securities at any time, depending on market conditions and other factors.

This strategic partnership highlights the growing interest in sustainable food production and eco-friendly agricultural practices, demonstrating a commitment to reducing food waste and ensuring food safety while minimizing pesticide use. Furthermore, the collaboration between Save Foods and Plantify Foods aims to drive innovations in the agri-food tech sector and contribute to a more sustainable future for the industry.

Photo by simon peel on Unsplash 

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