Save Foods' Strategic Move: Acquiring A 20% Stake In Plantify Foods For Market Expansion

Save Foods, Inc. SVFD has acquired 30 million common shares of Plantify Foods, Inc. at a purchase price of CA$0.05 per share.
Plantify's shares were acquired in exchange for 1.16 million shares of common stock of Save Foods. The acquisition was completed on March 31, 2023.
Plantify Foods, Inc, is based in Vancouver, British Columbia, V5N 1Z6, and listed on the TSX Venture Exchange under the symbol "PTFY."
Immediately before the acquisition, Save Foods did not own or exercise control or direction over any securities of Plantify. As a result of the deal, Save Foods exercises control or direction over 19.99% of the total number of issued and outstanding common shares of Plantify.
Simultaneously with the closing of the acquisition, Save Foods provided Plantify with a CA$1.50 million convertible loan at an interest rate of 8% per year, for up to 18 months.
The loan amount would be convertible into approximately 18.60 million common shares on the maturity date. If the amount is converted into common shares, Save Foods would control up to approximately 26.88% of the outstanding common shares.
Price Action: SVFD shares closed higher by 7.46% at $0.7415 on Thursday.