Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77i) ("Boosh" or the "Company") a premier plant-based brand in the "better for you" food sector, is pleased to announce that it intends to conduct a non-brokered private placement (the "Financing") of 10% secured convertible debentures (the "Convertible Debentures") for total gross proceeds of up to $250,000 (Canadian).
The net proceeds of the Financing will be used for working capital. The Financing of the Convertible Debentures is anticipated to close on or before September 20, 2022 (the "Closing"). It is anticipated that one arm's length subscriber will acquire all of the Convertible Debentures.
The Convertible Debentures will bear interest at 10% per annum, calculated in Canadian dollars, from the date of issuance, payable in arrears quarterly during the first year of the Convertible Debenture term and monthly thereafter and upon maturity or redemption. The Convertible Debentures will mature on the date that is two (2) years from the date of issuance (the "Maturity Date"). The Convertible Debentures will be secured by a general security interest over the Company's assets.
The Convertible Debentures are convertible into common shares ("Common Shares"), at the holder's option, at a price of $0.075 per Common Share (the "Conversion Price"), subject to adjustment in certain events, at any time prior to the Maturity Date.
The Company may redeem, in cash, any or all of the Convertible Debentures at any time prior to the Maturity Date upon not less than five business days prior written notice for an amount equal to the principal amount of the Convertible Debentures plus accrued interest.
No finder's fees are payable in connection with the Financing. The Convertible Debentures and the Common Shares issuable upon conversion of the Convertible Debentures will be subject to a statutory hold period expiring on the date that is four months and one day after Closing.
The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company continues to work with its auditors to complete the audit of the Company's consolidated financial statements and expects to file the Documents by September 29, 2022.
Connie Marples
Founder/President
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Telephone: 778 840 1700
About Boosh Plant-Based Brands Inc.:
Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food (www.booshfood.com), offers high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. Through a separate subsidiary, Beautiful Beanfields, the Company owns Beanfields, a plant-based chip brand sold in over 7,000 stores throughout North America. Boosh, good for you and good for planet earth.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release include, but are not limited to, the Company's expectations concerning the size of the Financing, its ability to close the Financing in whole or in part or at all and its plan for the proceeds of the Financing. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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March 01, 2023 February 22, 2023 |
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