VANCOUVER, BC – Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Plant Based Foods”) or (the “Company”), Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Plant Based Foods”) or (the “Company”), an award-winning plant-based food company is pleased to announce that it has sold the rights and recipes for its Modern breakfast sausage for proceeds of $1,000,000 million cash.
“The Company is very excited about the sale of the Modern Breakfast Sausage as it further strengthens our balance sheet and shows our ability to create value through our R&D team. Our company is in a strong financial situation and we are continuing to innovate products and create value for our shareholders. Our Modern Breakfast sausage is one of our newer creations from our line of products and is early in our distribution cycle so it further shows the value of some of our more established recipes with proven distribution. After the proven success of the breakfast sausage our company will be looking to develop more recipes with an inclusive sales pipe in the immediate future.” States CEO Avtar Dhaliwal.
The company announces it will be arranging a non-brokered private placement offering of up to 2,040,816 units (each a “Unit”) at a price of $0.49 per unit for gross proceeds of up to $1,000,000.
Each Unit is comprised of both a common shares (each a “Share”) and a common share purchase Warrant (each a “Warrant”). Each transferrable Warrant will entitle the holder to acquire on common share of the Company exercisable at a price of $0.61 per warrant and have an expiry of 24 months from the date of issuance. The Company does not intend to publicly list the warrants for trading on the Canadian Securities Exchange (“CSE”). Finder’s fees may be paid, as permitted under CSE policies and applicable securities laws.
$500,000 of the proceeds raised from this offering will be used by the Company for marketing and the remainder will be used for general working capital purposes, further acquisitions, and developing the Company.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation that are not historical facts.
This news release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company and the Company’s business and prospects; the Company’s objectives, goals or future plans; the Company’s sales growth, planned expansion, awareness of the Company’s brands, future sales and revenue growth, the availability of Modern Meat Products through GFS, and the business, operations, management and capitalization of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other judicial, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to obtain retail partners to distribute Company products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic restaurant and food service partners; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the sufficiency of our cash to meet liquidity needs; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
