Mr. Connor Yuen reports
PONTUS PROTEIN ANNOUNCES NON-BROKERED UNIT PRIVATE PLACEMENT
Pontus Protein Ltd. has arranged a non-brokered private placement consisting of up to a maximum of 31.25 million units of the company at a subscription price of 16 cents per unit for gross proceeds up to a maximum of $5-million. Each unit will consist of one common share in the capital of the company and one share purchase warrant, with each warrant entitling the holder thereof to acquire one additional share at a price of 30 cents per warrant share for a period of two years from the date of issuance. The offering may close in one or more tranches.
The proceeds from the offering are expected to be used for general working capital purposes. Finders' fees may be payable in connection with the offering in accordance with the policies of the TSX Venture Exchange.
All securities issued in connection with the offering will be subject to a statutory hold period expiring four months and one day after closing of the offering. Completion of the offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the exchange.
About Pontus Protein Ltd.
Pontus Protein, based in Vancouver, B.C., is an agricultural technology company that will enable millions to rethink their food choices while helping people do the world a world of good. By offering sustainably grown plant-based food options that are nutritious and delicious, it is helping this kind of diet become the norm.
Pontus is reinventing agriculture with its proprietary closed environment vertical aquaponic system (CEVAS) -- the farming of the future. Pontus specializes in the indoor vertical farming of water lentils that uses 95 per cent less water than traditional agriculture and no pesticides or chemicals. Pontus is committed to solving the global food crisis by providing access to sustainable indoor biosecure pure plant-based proteins. Pontus's water lentils can be harvested every 24 hours, exceed organic certification and can be grown in any climate in a relatively small area. Its water lentil protein is filled with antioxidants, minerals, vitamins and all the amino acids, making a complete protein food source. Pontus aims to revolutionize the plant-based sector as the entire sector is currently based on two main protein sources: soy and pea. Water lentil protein is far superior to pea and soy protein. It contains over 40 per cent protein versus 5 to 36 per cent protein, and Pontus aims to be the base protein for plant-based food products, leading to the movement transitioning the world from meat-based to plant-based proteins.
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