Save Foods and Plantify Foods exchange 19.99% equity; Save Foods lends C$1.5M convertible debenture

Nexentis Technologies Inc.

Save Foods and Plantify exchange 19.99% of each other's common stock.
Save Foods lends C$1,500,000 to Plantify via 8% convertible debenture due Oct 2024.
Dr. Roy Borochov, Plantify CEO, appointed to Save Foods board; Amitai Weiss to Plantify board.
Debenture conversion price: C$0.05/share in first year, C$0.10 thereafter; if converted, Save Foods would hold ~28.56% of Plantify.
Closing occurred April 5, 2023; debenture subject to Plantify shareholder approval and TSXV acceptance.

item 1.01 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

Dr. Roy Borochov

Class II director

NXTS · Nexentis Technologies Inc.

Effective: 2023-04-05
Filed: April 6, 2023, 7:59 PM ET

Save Foods agreed to appoint, effective upon the Closing of the Agreement, Dr. Roy Borochov, Chief Executive Officer of Plantify, as a Class II director of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Dr. Roy Borochov was appointed as Class II director at Nexentis Technologies Inc..

Action: appointed
Role: Class II director

Exact text from the filing

Save Foods agreed to appoint, effective upon the Closing of the Agreement, Dr. Roy Borochov, Chief Executive Officer of Plantify, as a Class II director of the Company.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nexentis Technologies Inc. entered into Debenture with Plantify Foods, Inc. valued at C$1,500,000.

Action: entry
Agreement: credit facility
Counterparty: Plantify Foods, Inc.
Value: C$1,500,000

Exact text from the filing

In connection with, and contingent upon, the execution of the Agreement, Save Foods and Plantify executed a debenture (the “Debenture”), whereby Save Foods agreed to lend C$1,500,000 to Plantify (the “Principal”), which Principal will accrue interest at a rate of 8% annually and will be repayable by Plantify over approximately 18 months.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nexentis Technologies Inc. entered into Securities Exchange Agreement with Plantify Foods, Inc. (effective 2023-03-31).

Action: entry
Agreement: equity purchase
Counterparty: Plantify Foods, Inc.
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Save Foods, Inc. (the “Company” or “Save Foods”), entered into a securities exchange agreement (the “Agreement”), with Plantify Foods, Inc., a British Columbia company (“Plantify”), pursuant to which each of the respective parties agreed to issue to the opposite party 19.99% of its issued and outstanding capital stock.

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Nexentis Technologies Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-011251

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