PlantX Announces the Closing of Previously Reported Share Exchange Agreement with VEG House

VANCOUVER, BC / ACCESSWIRE / October 6, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt:WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, is pleased to announce the successful completion on October 6, 2023 of the transactions (the "Transaction") contemplated by the share exchange agreement with Veg House Holdings Inc. ("Veg House"). This milestone, initially disclosed on March 16, 2023 and October 3, 2023, signifies a noteworthy stride towards solidifying our enhanced footprint within the expanding domains of plant-based lifestyle and wellness.

Upon closing, PlantX transferred a collection of assets (the "Subsidiary Assets") in exchange for roughly 50.9% (previously reported in the news release dated October 3, 2023 as 53%) of the total issued and outstanding shares of Veg House Holdings Inc. as at the time of the closing of the Transaction. These assets encompass wholly owned subsidiaries including Vegaste Technologies US Corp., Little West LLC, Plant Based Deli LLC, and PlantX Living Inc., along with the Company's 53% ownership stake in Portfolio Coffee Inc. and 51% ownership in Eh Coffee Corp.

Lorne Rapkin, CEO of PlantX Life Inc, shared his enthusiasm, stating, "By means of this share exchange agreement, funds were secured by Veg House at a post-Transaction valuation of $11.778M USD, based on the most recent private placement price of $1.00 USD per share, underlining the enduring enthusiasm for the industry and underscoring the significance of this transaction for steadfast supporters of the Canadian company."

In exchange for the Subsidiary Assets, PlantX acquired 6 million shares out of the current 11,778,639 (previously reported in the news release dated October 3, 2023 as 11,368,640) outstanding shares in Veg House (each a "Veg House Share"), translating to a significant 50.9% ownership stake (previously reported in the news release dated October 3, 2023 as 53%) in the Cayman Islands-based entity. Veg House, powered by PlantX's visionary leadership, is primed for further expansion and innovation in the plant-based market.

Veg House has secured $2,850,000 USD in funding in a brokered and non-brokered private placement financing at $1.00 USD per Veg House Share. This infusion of capital positions its new assets for substantial growth, enabling Veg House to further advance its presence in the plant-based lifestyle market.