Business
The Fresh Factory Completes Additional US$1M 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 Completes Additional US$1M 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 / April 25, 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 release of April 20, 2023 the Company has completed its previously announced non-brokered private placement (the \"Offering\") through the issuance of 16,666 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$999,960 (approximately C$1,330,000). The additional Offering follows the closing of a non-brokered private placement of US$2,000,019 (approximately C$2,660,027) completed on March 21, 2023, bringing overall gross proceeds raised through the two private placements to US$3,000,019 (approximately C$3,990,027).Bill Besenhofer, Chief Executive Officer and co-founder of The Fresh Factory, commented: \"The successful completion of this private placement financing is a testament to our team's hard work and dedication to delivering fresh, clean-label products that meet the demands of today's consumers. We remain committed to providing high-quality products while driving sustainable growth for our shareholders. This private placement financing came from strategic capital that can further support the Company's growth. With this funding, we can invest in the right resources to exceed customer expectations and take the business to new heights. The future is bright for The Fresh Factory, and we are excited to lead the way.\"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 subje...