VANCOUVER, British Columbia, July 26, 2022 (GLOBE NEWSWIRE) — Simply Better Brands Corp. (“SBBC“or the”Company“) (TSX Venture: SBBC, OTCQB: PKANF) announces today that following its press release dated July 21, 2022, the Company has completed the closing of the first tranche of a non-brokered private placement of common shares at price of $0.295 per common share (the “First installment”). The Company issued a total of 4,718,203 common shares for total proceeds of $1,391,869.69 in this first tranche. The closing of the first tranche is part of a larger private placement of the Company (the “Offer”) of up to 11,016,949 common shares for aggregate gross proceeds of up to $3,250,000, to be completed in tranches. The Company expects the Offering to be fully subscribed.
The common shares issued under the first tranche are subject to a hold period that expires on November 26, 2022. Proceeds from the first tranche will be used to reduce debt and for general working capital purposes.
No new insider has been created nor has there been any change of control following the completion of the First Tranche. There was no finder’s fee or finder’s warrant paid by the Company in the First Tranche.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omnichannel platform with diversified assets in emerging plant-based and holistic wellness consumer product categories. The company’s mission is focused on leading-edge innovation for informed millennials and Gen Zers in the rapidly growing field of plant-based, natural and clean ingredients. The company continues to focus on expanding into high-growth consumer product categories including CBD products, plant-based foods and beverages, and the global pet care and pet care industries. skin. For more information about Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
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.
Simply Better Brands Corp.
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Certain statements contained in this press release constitute “forward-looking information” and “forward-looking statements” as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on management’s plans, expectations and estimates as of the date the information is provided and are subject to certain factors and assumptions, including, among others, that the financial condition and plans development of the Company may change due to unforeseen events, the impact of the COVID-19 pandemic, the regulatory climate in which the Company operates and the Company’s ability to execute its business plans. Specifically, this press release contains forward-looking statements regarding, but not limited to: the use of proceeds from the Offering and the expectation that the Offering will be fully subscribed.
Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause actual plans, estimates and results to differ materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information contained in this press release to change or be inaccurate include, but are not limited to, the risk that one of the assumptions referred to valid or reliable, that events such as those mentioned above occur and cause delays or the cessation of the planned work, that the financial situation and development plans of the company change, as well as other applicable risks and uncertainties to the CBD or broader wellness industries and the Company, and as set forth in the Company’s Annual Information Form available under the Company’s profile at www.sedar.com.
The above summary of the assumptions and risks associated with the forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on the current and future operations of the Company and such information may not be appropriate. for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company undertakes no obligation to publicly update or revise any of the items included. forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.