Jinhua Capital Corporation (TSXV:JHC.H) signed a letter of interest to acquire Plantastic Food Inc. from Sanit Jain on April 6, 2021. The transaction results in acquiring all the outstanding Plantastic Shares will be exchanged for such number of Jinhua common shares as is equal to the number of Plantastic Shares issued and outstanding on the Closing Date. It is expected that Jinhua Capital will be listed on the Exchange as a Tier 2 Industrial issuer. Following the Closing, the business of the Resulting Issuer will be the business of Plantastic. Post acquisition, Plantastic will become a wholly-owned subsidiary of Jinhua Capital. The Parties have agreed to negotiate in good faith to reach the Definitive Agreement on or before June 30, 2021. On or before entry into the Definitive Agreement, Jinhua expects to effect a 2:1 consolidation to effect a 2:1 consolidation. In connection with the Transaction, Plantastic intends to complete a non-brokered private placement prior to or concurrently with the closing of the Transaction to raise gross proceeds of up to CAD 1 million. Jinhua also intends to complete a non-brokered private placement concurrently with the Closing, to raise gross proceeds of up to CAD 2 million. The Transaction is subject to the approval of the Exchange, consummation of due diligence, completion of the Plantastic Private Placement and for greater certainty, no more than 5,000,000 Plantastic Units having been issued in the Plantastic Private Placement, completion of the Jinhua Private Placement; and Plantastic having received the requisite approvals from its shareholders for the Transaction. The Transaction is expected to consummate on or before November 1, 2021. Jinhua Capital Corporation (TSXV:JHC.H) cancelled the acquisition of Plantastic Food Inc., on June 4, 2021. Jinhua Capital Corporation terminated the letter of intent signed earlier.