The Very Good Food Company Announces previously Announced Tender Offer Size Increase


VANCOUVER, BC, June 16, 2021 / CNW / – The Very Good Food Company Inc. (TSXV: VERY.V) (OTCQB: VRYYF) (FSE: 0SI) (“VERY GOOD” or the “Company”), a leading plant-based food technology company , is pleased to announce that it has changed its agreement with Canaccord Genuity Corp. (the “Subscriber” Where “Canaccord“), to increase the size of the previously announced underwriting offer of $ 15,003,500 To $ 20,700,575 (including exercise of the over-allotment option). Pursuant to the revised terms of the offer, Canaccord, the lead manager and sole bookrunner, has agreed to purchase, on a bought deal basis, a total of 4,865,000 units of the Company (the “Units“) at the price of $ 3.70 per unit (the “Issue price“) for the total gross proceeds accruing to the Company from $ 18,000,500 (the “Offer“).

Each unit will consist of one common share of the Company (a “Ordinary share“) and one-half of the Company’s common share purchase warrant (each entire warrant, a”To guarantee“). Each warrant may be exercised to acquire one common share (each, a”Warrant share“) for a period of 18 months following the closing of the Offer at an exercise price of $ 4.60 per warrant share, subject to adjustment in certain cases.

The Company has agreed to grant the underwriter an over-allotment option allowing him to purchase up to 729,750 additional units at the issue price, which may be exercised in whole or in part, at any time and from time to time at the later than 30 days following the closing of the Offer to cover over-allotments, if any, and for market stabilization purposes. In the event that the over-allotment option is fully exercised, a $ 2,700,075 in gross proceeds will be raised under the Offer and the total gross proceeds of the Offer will be $ 20,700,575.

VERY GOOD intends to use the proceeds of the Offer to finance the start-up of the activities of its production plant in Patterson, California (the “Patterson installation“), e-commerce and wholesale expansion efforts in the United States, international e-commerce and general corporate purpose launches. Offer is expected to close on or about July 8, 2021, or on any other date agreed between the Company and the Subscriber, and is subject to certain closing conditions, including, but not limited to, the conclusion of a subscription contract between the Company and the Subscriber, the receipt all stock market approvals, including the approval of the TSX Venture Exchange and relevant securities regulatory authorities.

The units will be offered by means of a simplified prospectus which will be filed with British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, and New Scotland, and may also be sold in certain offshore jurisdictions (provided that the investment in these offshore jurisdictions does not give rise to the filing of a prospectus or a registration statement or to continuous disclosure obligations).

The securities mentioned in this press release have not been and will not be registered under the United States Securities Act of 1933 Act, as amended, and may not be offered or sold in the United States in the absence of US registration or an applicable exemption from US registration requirements. This press release does not constitute an offer to sell securities, nor a solicitation of offers to purchase securities in United States, or in any other jurisdiction in which such offer, solicitation or sale would be illegal. Any public offer of securities in United States must be made by means of a prospectus containing detailed information on the company and management, as well as financial statements.

About The Very Good Food Company Inc.

The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD’s main brands: The Very Good Butchers and The Very Good. Cheese Co.


Forward-looking information

This press release contains forward-looking information for the purpose of providing information about current expectations and management’s plans for the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Such forward-looking information may be identified by words such as “proposed”, “expects”, “the intention of”, “could”, “will” and similar expressions. Forward-looking information contained or referred to in this press release includes statements relating to the intended use of the net proceeds of the offering, the timing and ability of the Company to close the offering, if any, the number of units offered or sold, the gross proceeds of the Offer, the timing and ability of the Company to obtain all necessary approvals, if any, and the terms and jurisdictions of the Offer. Forward-looking information is based on a number of factors and assumptions which were used in developing such information, but which may prove to be incorrect, including, but not limited to, material assumptions about when and ability of the Company to complete the Offer and obtain all necessary approvals, if any, and the occurrence of a material adverse change, disaster, change of law or other breach of conditions closing of the Offer. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, one should not place undue reliance on forward-looking information as VERY GOOD cannot guarantee that such expectations will prove to be correct. Risks and uncertainties that could cause TRÈS BIEN’s actual results, performance or achievements to differ materially from those expressed or implied in this forward-looking information include, among others, negative cash flows and financing requirements. future to support and develop operations, limited history of operations and income and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, risk and general commercial liability, food industry regulation, changing laws, regulations and guidelines, compliance with laws, adverse consumer advertising or perception, product liability and product recalls, intellectual property risks, difficulties with forecasting , growth and litigation management, thus i that the impact, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond VERY GOOD’s control. For a more complete discussion of the risks facing VERY GOOD, please see VERY GOOD’s most recent annual information form filed with the Canadian securities regulatory authorities at The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and / or beliefs based on information currently available. Any forward-looking information is only valid as of the date on which it is made and, except as required by applicable securities laws, VERY GOOD disclaims any intention or obligation to update any forward-looking information, whether at the more new information. , future or other events or results. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE The Very Good Food Company Inc.

For more information: Investor Contact: The Very Good Food Company, Mitchell Scott; Kevan Matheson, Corporate Communications and Investor Relations, Email: [email protected], Telephone: +1 855-472-9841; Media Contact: Anne Donohoe, KCSA Strategic Communications, Email: [email protected], Telephone: 212-896-1265

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