Planet Based Foods Global Inc. (CSE: PBF) (“PBFG” or the “Company“) is pleased to announce that the Company’s common shares will commence trading on January 11, 2022, on the Canadian Securities Exchange (the “CSE”) under the ticker symbol “PBF”
The Company, through its San Diego-based wholly-owned subsidiary, Plant Based Foods Inc. (“Plant-Based Foods”), is a producer of sustainable plant-based meat substitutes. The Company’s clean line of food products, including vegan burgers and sausage patties, are formulated with superfood hemp, which is widely considered a leading source of plant-based protein and one of the world’s most sustainable crops.
“Listing on the CSE represents a major milestone for PBFG and our shareholders,” said Braelyn Davis, President, and CEO of the Company. “As we take this exciting next step in the Company’s growth, we are looking forward to increasing our exposure to investors and enhancing long-term value for all stakeholders.”
Additionally, PBFG is pleased to announce that outstanding subscription receipts (the “Subscription Receipts”) of the Company were converted on December 17, 2021. An aggregate of CAD$8,113,130 was raised pursuant to the sale of Subscription Receipts which were offered at $0.30 per Subscription Receipt in July 2021 (the “Financing”). The gross proceeds of the Financing were previously held in escrow and released to the Company upon conversion of the Subscription Receipts. Each Subscription Receipt has been converted into one subordinate voting share of the Company (each a “Share”) and one-half of one Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share from the Company at an exercise price of $0.60 for a period of 24 months from December 17, 2021. In connection with the Financing, the Company paid finders’ fees equal to $423,765 in cash and issued 1,412,550 non-transferable warrants (the “Finder’s Warrants”). Each Finder’s Warrant has the same terms as the Warrants. The net proceeds from the Financing will be used to support the growth and continued development of the Company’s clean line of hemp-formulated food products.
“We are pleased to have closed this significant financing goal, which will enable us to continue to bring innovative products to the market that address today’s crucial need for more sustainable, healthy food options,” said Braelyn Davis. “The Company thanks its many supportive shareholders who stand by our mission to develop plant-based products that are good for people and for the planet
SOURCE: Planet Based Foods