- Plant&Co (VEGN) has closed the first tranche of its non-brokered private placement of unsecured convertible debentures for gross proceeds of $1,295,000
- Each debenture has a principal amount of $1,000, a 24 month term and an annual interest rate of 12 per cent
- The proceeds will be used for general working capital purposes
- A second tranche of the private placement is expected to close by July 8, 2022
- Plant&Co. Brands is a health and wellness company curating delicious plant-based foods
- Plant & Co Brands Ltd. (VEGN) opened trading at C$0.12
Plant&Co (VEGN) has closed the first tranche of its non-brokered private placement of convertible debentures for gross proceeds of $1,295,000.
Sean Black, Chief Investment Officer of Plant&Co Brands, commented on the capital raise.
“I want to thank our strategic investors in this round for supporting our vision of building a stable of emerging brands. This capital allows us to accelerate that vision and gives us the runway required to demonstrate what this management team can deliver via organic & inorganic growth. The terms of this deal being an above market-price convertible debenture demonstrates the market support for this management team despite the current challenging times for many companies attempting to raise capital. With the support and confidence of shareholders alike, we are now funded well beyond our plans and path to profitability enabling us to accelerate organic or inorganic growth.”
Each debenture has a principal amount of $1,000, a 24 month term and an annual interest rate of 12 per cent. The debentures are convertible at the holder’s option into common shares every three months after the closing date at a conversion price equal to C$0.20 per common share if converted in the first 12 months, or C$0.25 per common share if converted after the first 12 months.
Any outstanding principal amount of the debentures, plus any accrued and unpaid interest, shall be paid in cash on the maturity date.
All securities issued are subject to a four-month statutory hold period.
The proceeds will be used for general working capital purposes.
The company has paid a finder’s fee of $17,550 to Echelon Wealth Partners Inc.
A second tranche of the private placement is expected to close by July 8, 2022.
Plant&Co. Brands is a health and wellness company curating delicious plant-based foods. It offers a growing number of plant-based food products through its brand portfolio of Holy Crap Foods, YamChops ‘a plant-based butcher’, LumberHeads Food Co., and Heal Wellness.
Plant & Co Brands Ltd. (VEGN) opened trading at C$0.12.
