PlantX Life Inc. announces its intention to commence a normal course issuer bid (“NCIB“), under which the Company may purchase up to 6,071,757 of the Company’s common shares, representing approximately 5% of its issued and outstanding common shares (the “Common Shares“). The Company is commencing the NCIB because it believes that the market price of the Common Shares may not fully reflect the underlying value of the Company’s business and future prospects. PlantX believes that the repurchase of its Common Shares for cancellation represents an appropriate use of the Company’s financial resources and will enhance shareholder value.
The NCIB is expected to commence on September 15, 2021 and terminate on September 14, 2022. All Common Shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (the “CSE“). All purchases made under the NCIB will be at the prevailing CSE market price for the Common Shares at the time of purchase. Common Shares acquired by the Company under the NCIB are being purchased for cancellation. The Company intends to appoint PI Financial Corp. as its broker to conduct the NCIB on its behalf.
The Company also announced today that Executive Chairman, Fred Leigh, intends to purchase up to 5% of the issued and outstanding Common Shares on the open market through the facilities of the CSE.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX’s platform is the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing, and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
The Company website is http://investor.PlantX.com/.