Stockwatch

Modern Meat Inc
Symbol	MEAT
Shares Issued	28,306,498
Close 2020-07-23	C$ 3.60
Market Cap	C$ 101,903,393
Recent Sedar Documents

Modern Meat closes $500,000 warrant offering

2020-07-23 14:42 ET - News Release

Subject: 2020-07-23 - Modern Meat - News Release - Warrants v2 PDF Document File: Attachment 2020-07-23 - Modern Meat - News Release - Warrants v2.pdf MODERN MEAT INC. 1120 625 Howe Street Vancouver, B.C., V6C 2T6 MODERN MEAT ANNOUNCES CLOSING OF WARRANT FINANCING VANCOUVER, BRITISH COLUMBIA July 23, 2020 MODERN MEAT INC. (formerly, Navis Resources Corp.) (the "Company") (CSE: MEAT) announces that is has closed its non-brokered private placement offering consisting of ten million share purchase warrants (the "Warrants") at a price of $0.05 per warrant for gross proceeds of $500,000. Each transferrable Warrant will entitle the holder to acquire one common share of the Company exercisable at a price of $1.11 per Warrant and have an expiry of two years from the date of issuance. The warrants will not be publicly listed for trading on the Canadian Securities Exchange. No Finders' fees were paid in connection with the Private Placement. Assuming the exercise of all the Warrants to be issued under the Aggregate Offering, the Company would realize aggregate exercise proceeds of $11,100,000. The proceeds raised from this offering will be used by the Company for marketing and investor relations activity, and for general working capital purposes. The Warrants, and any shares issued on the exercise of the Warrants, are subject to a four month hold period that extends to November 24, 2020. A director of the Company purchased or acquired direction and control over a total of 50,000 Warrants under the private placement. The placement to that person constitutes a "related party transaction" within the meaning of Multilateral Instrument 61101 Protection of Minority Security Holders in Special Transactions ("MI 61101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101). The Company will not file a material change report more than 21 days prior to closing of the placement due to the timing of the announcement of the private placement closing. Modern Meat Inc. For further information, please contact: Tara Haddad Chief Executive Officer and Director Phone: 604-395-0974 About Modern Meat Modern Meat is engaged in the business of developing plant-based meat alternatives made from plants that are non-GMO, soy-free, gluten-free and 100% vegan. Modern Meat's current product lineup includes the Modern Burger, Modern Crabcakes, Modern Meatball and Modern Crumble. These products are currently available 44170|5396550_1 for purchase at various retail locations in the BC Lower Mainland and on e-commerce platforms. Cautionary Statement Regarding Forward-Looking Information This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: Modern Meat and Modern Meat's business and prospects; the Company's objectives, goals or future plans; used of proceeds from the private placement, and the business, operations, management and capitalization of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward- looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release, including the resumption of trading, may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. 44170|5396550_1