Planting Hope Announces Closing of Oversubscribed C$4 Million Private Placement of Convertible Debentures

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CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / March 14, 2023 / The Planting Hope Company Inc. (TSXV:MYLK)(OTCQB:MYLKF)(FRA:J94) ("Planting Hope" or the "Company"), a plant-based food and beverage company focused on producing the world's most nutritious and planet-friendly products, is pleased to announce it has closed the second and final tranche (the "Second Tranche") of its previously announced non-brokered private placement (the "Private Placement") of unsecured, non-transferable 10% convertible debentures ("Convertible Debentures") having an aggregate principal amount of C$4,004,600 (see the Company's news release dated February 17, 2023). Under the Second Tranche, the Company has sold Convertible Debentures for gross proceeds of C$2,754,000. On February 28, 2023 the Company closed the first tranche of the Private Placement for gross proceeds of C$1,250,600 (see the Company's news release dated February 28, 2023).

"We are pleased to meet our goal of growing our shareholder base with new investors joining MYLK through this oversubscribed private placement," said Julia Stamberger, Planting Hope Co-founder and CEO. "We are hearing from investors that essential better-for-you, nutrition-forward food products with demonstrated distribution and consumer and retailer acceptance are very appealing in today's market. We are operating at the heart of where consumers are shopping, living, and eating today: products that can be prepared at home or eaten in the cafés and quick service restaurants where consumers are refueling during their busy days. We know that feeding themselves and their families with nutritious, sustainable, and delicious food products with strong value are strong priorities for consumers, and a downturn-resistant trend that weathers challenging times. MYLK's products are in the right places and channels for today's shopper and economy."

A Convertible Debenture holder (a "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 (as defined below) into units ("Units") at a conversion price of C$0.50 per Unit (the "Conversion Price"). Each Unit will be comprised of one subordinate voting share of the Company (a "Share") and one non-transferable warrant (a "Warrant"). Each Warrant will be exercisable by the Holder to purchase one Share (a "Warrant Share") at an exercise price of C$0.80 at any time prior to the Maturity Date.