Mr. Nima Bahrami reports
BETTERMOO(D) PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT
Bettermoo(d) Food Corp. has revised terms for its non-brokered private placement previously announced on May 3, 2024. The private placement will now consist of up to 2,857,142 units at a price of 70 cents per unit, for gross proceeds of up to $2-million. Each unit will consist of one common share of the company and one common share purchase warrant exercisable at a price of 88 cents per share for a period of five years from issuance. The company intends to utilize the proceeds of the private placement to support its existing operations, projects and for general working capital purposes.
The company does not anticipate paying any finders' fees related to the private placement. Closing of the private placement remains subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. Pursuant to applicable securities laws, all securities issued under the private placement will be subject to a statutory hold period of four months and one day.
The company will issue shares equal to 1.0 per cent of the number of units issued in the private placement (admin fee shares) to Amalfi Corporate Services Ltd. as an administrative fee for Amalfi's assistance with the private placement. Amalfi is a private company controlled by Geoff Balderson, chief financial officer, corporate secretary and a director of the company, and an issuance of admin fee shares to Amalfi is considered to be a related party transaction as defined under Multilateral Instrument 61-101 --
Protection of Minority Security Holders in Special Transactions
(MI 61-101). The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the issuance of the admin fee shares issued to Amalfi will not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61- 101.
About Bettermoo(d) Food Corp.
Bettermoo(d) is an innovative plant-based dairy-alternative food and beverage company based in Vancouver, B.C., Canada, launching Moodrink, a nutritious dairy-alternative beverage with a revolutionary flavour. Moodrink includes a blend of herbs and flowers similar to what cows ate, before the time of mass livestock production. Like rich dairy products, Moodrink contains added healthy plant fats and vitamins, so consumers do not miss out. The Moodrink is just the beginning of the revolution for the Vancouver-based dairy-alternative company, Bettermoo(d).
Driven by the motto "What a cow eats and a human needs," Bettermoo(d) seeks to produce dairy-alternative products that are good for both people and the planet -- ensuring that all products are nutritious and sustainably sourced -- and that also emulate the great taste of traditional milk from the Alps regions of Switzerland, France and Austria. Working with food scientists, the company's goal is to conduct continuous food research and development programs with the aim of rolling out a full line of dairy-alternative products, including Moogurt and Buetter, as well as many other products, that are better for you and better for the planet.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.