19:59:15 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



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

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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