Planting Hope (MYLK) Announces Debt Reorganization and Update to Private Placement

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CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / April 26, 2024 / The Planting Hope Company Inc. (TSXV:MYLK)(OTCQB:MYLKF)(FRA:J94) ("Planting Hope " or the "Company") is pleased to announce that it is proposing the reorganization and settlement (the "Settlement") of convertible debentures held by arm's length parties to the Company with an aggregate principal amount of up to approximately C$7,102,460 (approximately C$7,351,760.11 inclusive of interest outstanding thereon up to April 30, 2024 assuming the Settlement occurs on such date) outstanding in the capital of the Company (the "Debentures") to holders of such Debentures ("Debentureholders").

The Settlement will be comprised of the issuance of units of the Company ("Units") at a deemed price per Unit of C$0.10 (the "Unit Price") in full and final satisfaction of all accrued and unpaid principal and interest up to the date of Settlement. In order to participate in the Settlement, electing Debentureholders must additionally agree to participate in the Private Placement (as defined below) or settle outstanding Non-Convertible Debt (as defined below), or a combination of both, for a minimum amount equal to at least 50% of all accrued and unpaid principal and interest amount of the Debentures with respect to which such Debentureholder has elected to settle pursuant to the Settlement (the "Matching Requirement"). Debentureholders wishing to participate in the Settlement must deliver written notice of same to the Company by no later than 7:00 PM (Chicago Time) on April 30, 2024, or such other date as may be accepted by the Company in its sole discretion.

Additionally, the Company also announces that it proposes to offer arm's length holders of certain non-convertible debt outstanding in the Company ("Non-Convertible Debt") with an aggregate outstanding amount (inclusive of interest up to April 30, 2024) of approximately C$1,858,066 the opportunity to settle their outstanding Non-Convertible Debt through the issuance of Units at the Unit Price.

Each Unit shall consist of one subordinate voting share in the capital of the Company ("Shares") and one subordinate voting share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to acquire one additional subordinate voting share at an exercise price of C$0.15 for a period of 24 months from the date of issuance thereof.