Ms. Tara Haddad reports
MODERN MEAT ANNOUNCES CLOSING OF WARRANT FINANCING
Modern Meat Inc. (formerly Navis
Resources Corp.) has closed its non-brokered private
placement offering consisting of 10 million share purchase warrants at a price of five cents 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 $11.1-million.
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 Nov. 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 61-101 -- Protection of Minority Security Holders in Special Transactions. The company has relied on exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 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 per cent 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.
About Modern Meat Inc.
Modern Meat is engaged in the business of developing plant-based meat alternatives made from plants that are
non-GMO (genetically modified organism), soy-free, gluten-free and 100 per cent vegan.
We seek Safe Harbor.
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