PlantFuel Life Inc. announced a non-brokered private placement of up to 1,000 convertible debentures at a price of CAD 1,000 per convertible debenture for gross proceeds of up to CAD 1,000,000 on January 18, 2023. Each Convertible Debenture will consist of principal amount of CAD 1,000 for a term of twenty-four months, maturing on the date that is the second anniversary of the first date that the convertible debentures are issued and 6,250 transferable common share purchase warrants which will bear an interest rate of 13% accruing annually and paid semi-annually in cash or common shares of the company. Each warrant will entitle the holder to purchase one additional share of the company at an exercise price of CAD 0.20 per warrant share until 4:00 p.m. for 36 months from the closing date of the transaction, provided that in the event that the closing price of the company's shares on the Canadian Securities Exchange is CAD 0.30 or greater per share during any ten consecutive trading day period at any time subsequent to four months and one day after the closing date.

At or prior to the maturity date, the principal of the convertible debentures may be converted at the option of the holder into shares of the company at a deemed price and conversion rate of CAD 0.08 per share. All securities issued pursuant to the transaction will be subject to a four month hold period pursuant to securities laws in Canada. Finder's fees may be payable to qualified parties in accordance with securities laws in Canada and the Policies of the CSE.