Boosh Closes $1,007,400 In First Tranche Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2022) - Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77I) ("Boosh" or the "Company") announces that 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 (each a "Unit") at a price of $0.70 per Unit (the "Financing"). Each Unit is comprised of one common share and one share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to acquire an additional common share at a price of $1.00 per share until March 9, 2025.
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 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.
The Company reserves the right to increase the number of Units issued pursuant to the Financing to up to 3,571,428 Units for up to total gross proceeds of $2,500,000.
All securities issued in this initial trance of the private placement are subject to a four month and one day hold period expiring on July 10, 2022.
In other news, as a result of the recent acquisition of Beanfields assets the Company announces 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 9-11th.
"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," comments Jim Pakulis, CEO of Boosh. "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."
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), 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 U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
On behalf of the Board of Directors
Chief Executive Officer
Telephone: (833) 882-6674
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 chips 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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