Ms. Julia Stamberger reports

PLANTING HOPE (MYLK) ANNOUNCES NEW PRIVATE PLACEMENT AND SIGNS MEMO OF UNDERSTANDING FOR EQUITY INVESTMENT AND CREDIT FACILITY

The Planting Hope Company Inc. has executed a memorandum of understanding (MOU) with a United States-based investment fund to secure up to $7-million (U.S.) (approximately $9.5-million) in financing.

Subject to the completion of due diligence, the receipt of all required regulatory, third party and other approvals, and satisfaction of certain other conditions, the fund has agreed to act as lead investor together with other U.S.-based investors to provide $2-million (U.S.) ($2.7-million) in equity capital through participation in the offering (as defined below) and $5-million (U.S.) ($6.75-million) in debt financing. The debt financing is expected to consist of a $5-million (U.S.) revolving credit facility for a period of 24 months on terms to be finalized between the company and the fund.

Based in Phoenix, Ariz., the fund has more than $1.25-billion in assets under management and more than $700-million in available uncommitted capital.

Additionally, due to increased demand and the participation of the fund and other U.S.-based investors, the company is also pleased to clarify that, further to its press releases dated March 22, 2024, Feb. 9, 2024, and Jan. 19, 2024, it did not proceed with and has cancelled its previously announced private placement and the company is pleased to announce that it is instead conducting a new private placement of units of the company to comprise up to an aggregate of 80 million units at a price per unit of 10 cents for aggregate gross proceeds of up to $8-million (approximately $5.9-million (U.S.)).

Each unit shall consist of one subordinate voting share in the capital of the company and one subordinate voting share purchase warrant. Each warrant shall entitle the holder to acquire one additional subordinate voting share at an exercise price of 15 cents for a period of 24 months from the closing date of the offering.

"Our management team and board of directors are pleased to bring this new financing opportunity to The Planting Hope Company," said Julia Stamberger, co-founder and chief executive officer, The Planting Hope Company. "We believe that this new infusion of capital positions Planting Hope to grow profitably in its key target channels, including food service, taking advantage of demand to scale inventory and operations, and to perfect some breakthrough product innovation that food service channel customers have requested."

The net proceeds raised from the offering and debt financing will be used primarily to support inventory purchases and business expansion (as further set out below), and for general working capital. The company may pay finder's, loan bonus or other fees on the offering and debt financing in accordance with applicable laws and the policies of the TSX Venture Exchange.

The securities issued pursuant to the offering will be subject to a hold period of six months from the date of issuance.

Closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V. The fund is in the process of completing its due diligence after which it may move forward with the definitive agreement and financing the offering.

The offering may close in one or more tranches. Books will close the earlier of full subscription to the offering or April 30, 2024.

Subject to the completion of the offering and debt financing, the company expects the newly available capital to facilitate:

• Inventory replenishment and fulfilment of purchase orders and demand;
• Finalization of product innovation requested by key food service development customers;
• Initiation of international strategy, including expansion in Asian markets.

The company is also pleased to announce that Ms. Stamberger, chief executive officer of the company, will be presenting at the 10th annual Waste & Environmental Services Symposium hosted by Gabelli Funds LLC on Thursday, April 4, 2024, at the Harvard Club in New York. Registration for the symposium is available on-line.

About The Planting Hope Company Inc.

Planting Hope is reimagining and reinventing food today so that the planet can feed 10 billion people tomorrow. A foodtech-driven company at the forefront of sustainable consumer food and beverage evolution, Planting Hope transforms nutrient-dense, widely cultivated crops into innovative, nutrient-rich products that reimagine pantry staples in the largest, fastest-growing global food categories.

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