Summary by Moomoo AI
On November 15, 2024, N2OFF entered into a Debt Settlement Agreement with Plantify Foods, Inc. Plantify will issue 2,420,848 common shares to N2OFF at CDN$0.848 per share to settle a total debt of CDN$2,052,879.39. This debt comprises a matured convertible debenture and draws against a line of credit.The settlement is subject to TSX Venture Exchange approval. Upon closing, N2OFF will hold approximately 65.4% of Plantify's outstanding shares. The Settlement Shares are subject to resale restrictions under Canadian law and U.S. Securities Act regulations.The agreement stipulates that upon receipt of the Settlement Shares, the debt will be fully satisfied, and N2OFF will release Plantify from all related claims and collateral. The closing is expected to occur on the third business day after TSX Venture Exchange approval or a mutually agreed later date.
