- Simply Better Brands Corp. (SBBC) has announced a non-brokered private placement of secured convertible debentures (CD) for gross proceeds of up to $9,100,000
- It also announced a non-brokered private placement for gross proceeds of up to $3,250,000
- Each CD has a 24-month maturity date with and annual interest rate of 8.0 per cent
- The net proceeds from the CD and common share offerings will be used for short-term debt reduction and general working capital
- Simply Better Brands Corp focuses on promoting healthy and active lifestyles
- Simply Better Brands Corp. opened the day’s trading at $0.52 per share
Simply Better Brands Corp. (SBBC) has announced a non-brokered private placement of secured convertible debentures (CD) for gross proceeds of up to $9,100,000.
The company also announced a non-brokered private placement of common shares for aggregate gross proceeds of up to $3,250,000.
The company will issue up to 11,016,949 common shares for $0.295 each.
The convertible debentures will be convertible into common shares of the company at a conversion price of $0.39 per common share.
Each CD has a 24-month maturity date with and annual interest rate of 8.0 per cent.
The net proceeds from the CD and common share offerings will be used for short-term debt reduction and general working capital.
The company also recently announced its preliminary sales for the six months ended June 30, 2022, of US$28.9 million, a 400 per cent increase from the prior period.
“Due to the strong growth of our PureKana, No B.S. Skincare, and TRUBAR brands, our 2022 outlook is $50-55 million or over 300 per cent growth vs. one year ago and anticipated gross margins are expected to be 63-65 per cent up from 62 per cent in the prior year, while achieving positive adjusted EBITDA,” explained Kathy Casey, CEO of Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories.
Simply Better Brands Corp. opened the day’s trading at $0.52 per share.
