VANCOUVER: ModernMeat Inc. announced that since going public on June 30, 2020 it has expanded its reach significantly in British Columbia, by over doubling its retail presence and now being available in over 50 locations.
“I am very proud of our team and pleased with the work they have accomplished to get us to this point,” said Tara Haddad, CEO of Modern Meat. “As demand for our plant-based meat alternatives continues to grow we intend to pursue expansion plans through accretive acquisitions in the sector and by developing our distribution channel nationally through major retail chains, specifically in Ontario. We also plan to invest in a new kitchen facility this quarter to give us additional production capacity to meet the considerable increase in market demand.”
The Company also announced it has closed the final tranche of its non-brokered private placement consisting of 333,333 units of the Company at a price of $4.50 per Unit for gross proceeds of $1.5 million.
Combined with the first tranche of the Offering, the Company has raised total gross proceeds of $2.5 million. Each Unit consists of one common share and one-half of one transferable common share purchase warrant.
Each Warrant entitles the holder thereof to purchase one additional common share of the Company for a period of two years at an exercise price of $5.50 per common share. Each warrant is subject to accelerated expiry provisions, such that if at any time after the expiry of any resale restriction governing the Units, the Company’s common shares trade on the Canadian Securities Exchange at or above a volume-weighted average trading price of $6.00 per common share for 10 consecutive trading days, the Company may give notice to the holders that each Warrant will expire 30 days from the date of providing such notice.
All securities issued pursuant to the Offering are subject to a statutory four-month hold period pursuant to applicable securities laws of Canada.
The proceeds raised from the Offering will be used by the Company for brand awareness of its product, investor relations activity, product development, purchasing inventory and for general working capital purposes.
Modern Meat is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based meat products. Modern Meat recognizes the importance of providing consumers nutritious and sustainable meat alternatives without sacrificing taste.