VANCOUVER, BC, Jan. 6, 2022 /CNW/ – Planet Based Foods Global Inc. (CSE: PBF) (“PBFG” or the “Company“) is pleased to announce that the Company’s common shares will commence trading on January 11, 2022, on the Canadian Securities Exchange (the “CSE”) under the ticker symbol “PBF”.
The Company, through its San Diego based wholly-owned subsidiary, Plant Based Foods Inc. (“Plant Based Foods”), is a producer of sustainable plant-based meat substitutes. The Company’s clean line of food products, including vegan burger and sausage patties, are formulated with superfood hemp, which is widely considered a leading source of plant-based protein and one of the world’s most sustainable crops.
“Listing on the CSE represents a major milestone for PBFG and our shareholders,” said Braelyn Davis, President and CEO of the Company. “As we take this exciting next step in the Company’s growth, we are looking forward to increasing our exposure to investors and enhancing long-term value for all stakeholders.”
Additionally, PBFG is pleased to announce that outstanding subscription receipts (the “Subscription Receipts”) of the Company were converted on December 17, 2021. An aggregate of CAD$8,113,130 was raised pursuant to the sale of Subscription Receipts which were offered at $0.30 per Subscription Receipt in July 2021 (the “Financing”). The gross proceeds of the Financing were previously held in escrow and released to the Company upon conversion of the Subscription Receipts. Each Subscription Receipt has been converted into one subordinate voting share of the Company (each a “Share”) and one-half of one Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share from the Company at an exercise price of $0.60 for a period of 24 months from December 17, 2021. In connection with the Financing, the Company paid finders’ fees equal to $423,765 in cash and issued 1,412,550 non-transferable warrants (the “Finder’s Warrants”). Each Finder’s Warrant has the same terms as the Warrants. The net proceeds from the Financing will be used to support the growth and continued development of the Company’s clean line of hemp-formulated food products.
“We are pleased to have closed this significant financing goal, which will enable us to continue to bring innovative products to the market that address today’s crucial need for more sustainable, healthy food options,” said Braelyn Davis. “The Company thanks its many supportive shareholders who stand by our mission to develop plant-based products that are good for people and for the planet
To view information about the Company and subscribe to automated email alerts for future news and public filings, visit the Planet Based Foods website at www.planetbasedfoods.com.
About Planet Based Foods Global Inc.
The Company, through its wholly-owned subsidiary Planet Based Foods Inc., is a producer of sustainable plant-based meat substitutes. Planet Based Foods Inc. was founded in 2019 in San Diego, California. With a mission to build a better food system by providing hemp-formulated superfood products to people today that support our planet tomorrow, all Planet Based Foods products are 100% vegan, and non-GMO.
ON BEHALF OF THE BOARD
President, Chief Executive Officer and Director
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this news release constitute “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws (collectively, “forward-looking statements”). Such statements include those identified by the expressions “anticipate”, “assume” “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. These forward-looking statements or information relate to, among other things: the use of proceeds from the Financing; and development of the Company’s business and product offering. These statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward–looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: development of the industry in which the Company operates; risks associated with the conduct of the Company’s business activities; risks relating to reliance on the Company’s management team and outside contractors; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; laws and regulations governing the industry in which the Company operates; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties; employee relations, labour unrest or unavailability; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and other risk factors disclosed in the Company’s public disclosure documents available on the Company’s profile at www.sedar.com. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward–looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
SOURCE Planet Based Foods
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