The Planting Hope Company Inc. announced a non-brokered private placement of unsecured, non-transferable 10% convertible debentures for aggregate gross proceeds of CAD 1,200,000 on July 20, 2023. The convertible debenture holder may, at its option, convert all or a portion of the aggregate principal of their convertible debenture at any time prior to the maturity date into units at a conversion price of CAD 0.42 per unit. Each unit will be comprised of one subordinate voting share of the company and one non-transferable warrant.

Each warrant will be exercisable by the holder to purchase one share at an exercise price of CAD 0.80 at any time prior to the maturity date. The convertible debentures will mature 36 months after the date of issue. The convertible debentures will bear interest at a rate of 10% per annum from the date of issue, payable semi-annually in arrears.

The Company shall have the right to redeem the Convertible Debentures prior to the Maturity Date at any time after 12 months from the closing of the Private Placement by paying Holders the then outstanding aggregate Principal of the Convertible Debentures together with all accrued and unpaid interest and a redemption penalty payment of 8% of the aggregate Principal, by cash payment on giving the Holders 20 business days? notice to do so. The company may pay finder?s fees in cash.

The transaction is subject to approval from TSX Venture Exchange.