Boosh Plant-Based Brands Inc (CSE:VEGI, OTC:VGGIF) said it has closed the first tranche of $1,007,400 in its $2,000,000 non-brokered private placement.
The company issued 1,439,143 units at a price of $0.70 per unit. Each unit is comprised of one common share and one share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of $1.00 per share until March 9, 2025.
The proceeds of the financing will be utilized for general working capital, including payment of consulting fees of $502,000 over the next 12 months for marketing and investor relations, as well as ongoing product development and future plant-based acquisition opportunities.
READ: Boosh completes purchase of Beanfields to become one of the world’s largest plant-based food companies
Boosh noted that finder's fees of $40,432.00 in cash and 57,760 warrants were paid in association with the closing of the initial tranche.
The company said it reserves the right to increase the number of units issued under the financing to up to 3,571,428 units for up to total gross proceeds of $2,500,000.
All securities issued in the initial tranche are subject to a four-month and one-day hold period expiring on July 10, 2022.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a US person unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
In other news, Boosh said that, as a result of the recent acquisition of Beanfields assets, it has expanded its booth size and will be at #785 Hall "A" at The Natural Products Expo West, at the Anaheim Convention center March 9-11, 2020.
"In the past several weeks we've had a tremendous increase in interest from the retail community to learn more about how we can work together," commented Jim Pakulis, CEO of Boosh in a statement.
"Attending the Expo West provides an excellent platform for our sales team and senior management to hold meetings with buyers throughout the three-day event," he added.
Contact the author at jon.hopkins@proactiveinvestors.com