Mr. Jim Delsnyder reports
ZOGLO'S ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT AND OPTION GRANT
Zoglo's Incredible Food Corp. has closed the first tranche of its previously announced non-brokered private placement, consisting of 1,929,260 units at a price of 3.11 cents per unit for gross proceeds of $60,000. Each unit consists of one common share of Zoglo's and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of five cents per common share for a period of 24 months from the date of issuance.
The gross proceeds of the private placement will be used for general working purposes. The private placement is subject to final approval of the Canadian Securities Exchange.
All securities that are issued pursuant to the private placement are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws.
One insider of the company participated in the private placement by subscribing for 946,630 units.
Additionally, the company announces that it has granted incentive stock options to an officer and certain consultants of the company to purchase an aggregate of 4,351,209 common shares of the company pursuant to the company's stock option plan. Each option will vest immediately and is exercisable for a period of five years at an exercise price of five cents per share.
About Zoglo's Incredible Food Corp.
Zoglo's is a publicly traded plant-based food company that offers nutrient-rich, plant-based appetizers, veggies and meat substitutes to fulfill consumers needs for all occasions and cooking requirements. The company's wholly owned subsidiary, Zoglo's Incredible Food Inc., currently offers 14 products through its Traditional Green Box product line and aims to offer 12 innovative products for the mainstream market through its new Zoglo's Incredible Black Box product line. Over the past 25 years, Zoglo's products have been in distribution in over 1,300 retail stores across Canada, including Walmart, Shoppers Drug Mart, Sobeys and Loblaws, and has representation in the United States and Europe. The company trades on the Canadian Securities Exchange under the ticker ZOG and on the Frankfurt Stock Exchange under the ticker 7UT.
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