Business
The Fresh Factory Announces Closing of Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTIO...
About this update from Fresh Factory B.c. Ltd.
[{"type":"text","content":"The Fresh Factory Announces Closing of Private PlacementTHIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESCAROL STREAM, IL / ACCESSWIRE / March 21, 2023 / The Fresh Factory B.C. Ltd. (CSE:FRSH)(FRA:Q4Z) (\"The Fresh Factory\" or the \"Company\"), a mission-driven company for fresh, clean-label, and better-for-you food and beverage brands, is pleased to announce that further to its news releases of January 20, 2023 and February 6, 2023, the Company has completed the second and final tranche of its previously announced non-brokered private placement (the \"Offering\") through the issuance of 27,085 proportionate voting shares (\"Proportionate Voting Shares\") in the capital of the Company at a price of US$60.00 (approximately C$80.00) per Proportionate Voting Share, for total gross proceeds of US$1,625,100 (approximately C$2,161,384). In total, an aggregate of 41,666 Subordinate Voting Shares and 32,917 Proportionate Voting Shares were issued for gross proceeds of US$2,000,019 (approximately C$2,660,027) through the competition of the two tranches of the Offering.Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory, commented: \"We are thrilled to have successfully completed this private placement financing. With this funding, we can strengthen our working capital position and upgrade our existing facility to support our expansion plans, which is truly exciting. Our strategic investments will undoubtedly pave the way for our long-term success as we accelerate our growth plans to meet the soaring consumer demand for fresh, clean-label products. We cannot wait to see what the future holds for The Fresh Factory.\"The proceeds from the Offering are intended to be used to fund the growth and development of its business, including upgrades to its existing facility, and for general corporate and working capital purposes.Each Proportionate Voting Share issued pursuant to the Offering has a restricted right to convert into 100 Subordinate Voting Shares, subject to adjustments for certain customary corporate changes. The ability to convert the Proportionate Voting Shares is subject to a restriction that the aggregate number of Subordinate Voting Shares and Proportionate Voting Shares held of record...