Modern Meat Arranges Warrant Financing
Vancouver, British Columbia – July 8, 2020 – MODERN MEAT INC. (the “Company”) (CSE: MEAT) announces that it will be arranging a non-brokered private placement offering of up to ten million share purchase warrants (the “Warrants”) at a price of $0.05 per warrant for gross proceeds of up to $500,000 (the “Aggregate Offering”).
Each transferrable Warrant will entitle the holder to acquire one common share of the Company exercisable at a price of $1.11 per Warrant and have an expiry of two years from the date of issuance. The Company does not intend to publicly list the warrants for trading on the Canadian Securities Exchange. Finders’ fees may be paid, as allowed under Canadian Securities Exchange (“CSE”) policies and applicable securities laws. Assuming the exercise of all the Warrants to be issued under the Aggregate Offering, the Company would realize aggregate exercise proceeds of $11,100,000.
The proceeds raised from this offering will be used by the Company for marketing and investor relations activity, and for general working capital purposes.
The Company announces that it has retained Awareness Consulting Network LLC, (“Awareness”) for $100,000 (U.S.) for a term of 30 days. Awareness has been engaged for advisory services for increasing brand awareness for the Company. The Company also announces it has retained Green Times Consulting Ltd. (“Green”) for €325,000 (Euros) for a term of 60 days. Green has been engaged for native advertising and digital marketing services for the Company. Certain services to be provided by Awareness and Green are anticipated to include ‘investor relations activities’ under the policies of the CSE and applicable securities laws. The Company will continue to look at strategic consultants to expand awareness of the Company and its activities.
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About Modern Meat
Modern Meat is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based meat products. Modern Meat recognises the importance of providing consumers nutritious and sustainable meat alternatives without sacrificing taste. We are deliberate in choosing ingredients free of soy, gluten, nuts and GMOs. Our mission is to change the way food is produced and consumed for the benefit of people, animals and the environment by using only natural 100% plant-based ingredients.
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. 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: Modern Meat and Modern Meat’s business and prospects; the Company’s objectives, goals or future plans; future sales and brand awareness; the expected results of the Camber Communications PR plan, and the business, operations, management and capitalisation 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 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.