Plantify Foods, Inc. announced that it has signed a securities exchange agreement with new investor Save Foods, Inc. for the gross proceeds of CAD 1,500,000 on March 31, 2023. The company issued 8% convertible debenture and matures 18 months from the date of closing. The principal may be converted, at the sole discretion of Save Foods, into common shares of the company at a price of CAD 0.05 per share until the first anniversary of the debenture issuance date and CAD 0.10 per share thereafter; the accrued interest may be converted at the Market Price of company's common shares, subject to TSXV approval at the time of conversion.

The Company will execute a general security agreement in favor of Save Foods and will specifically pledge to Save Foods the shares of company's subsidiary, Peas of Bean Ltd. The completion of the Securities Exchange is subject to certain customary closing conditions, as well as receipt of TSX Venture Exchange acceptance. If the principal under the debenture is converted in the first year into 30,000,000 company's common shares, and assuming no further Plantify common shares are issued following the Securities Exchange, investor will hold approximately 28.56% of company’s outstanding common shares. Accordingly, closing of the Debenture Financing is subject to receipt of shareholder approval to the creation of a new Control Person, which approval will be sought by written consent.

The company has agreed to issue, subject to TSXV acceptance, 2,150,217 common shares to Hike Capital Inc. as a finder’s fee in respect of the Securities Exchange and a cash finder’s fee of CAD 150,000 in respect of the Debenture Financing. Amitai Weiss, of Save Foods, Inc. joins the company's board as part of transaction.