Simply Better Brands Corp. (OTCQB:PKANF) (TSX:SBBC) has completed the first tranche closing of a non-brokered private placement offering of common shares at a price of $0.295 per common share. The company issued a total of 4.71 million common shares for aggregate proceeds of $1.39 million in this first tranche. The first tranche closing is part of a larger private placement offering by the company of up to 11 million common shares for aggregate gross proceeds of up to $3.25 million, to be completed in multiple tranches. The company expects the offering to be fully subscribed.
The common shares issued in connection with the first tranche are subject to a hold period that expires on November 26, 2022. The proceeds from the first tranche will be used to reduce debt and for general working capital purposes.
No new insiders were created, nor has any change of control occurred, as a result of the first tranche. There were no finder’s fees or finder’s warrants paid by the company in the first tranche.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The company’s mission is focused on leading innovation for the informed millennial and Generation Z generations in the growing plant-based, natural, and clean ingredient space. The company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries.
Photo by Mackenzie Marco on Unsplash
Related News
FDA Impact On CBD Market: With Federal Regulation, CBD Sales Would Hit $11B By 2027, Without It? $4.5B Less
EXCLUSIVE-Simply Better Brands Raises FY22 Outlook Driven By Increased Business Momentum
Simply Better Brands Expands Its Strategic Partnership With New Frontier Presents To Include Metaverse Shopping
