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UNITED STATES/
VANCOUVER, BC, April 29,
2024 /CNW/ - Simply Better Brands
Corp. (the "Company" of "SBBC")
(TSXV: SBBC) (OTC: SBBCF) is pleased to announce that it has
increased the size of its non-brokered private placement (the
"Private Placement"), as described in the
Company's news release dated April 17, 2024.
The Company now intends to issue up to 11,428,571 units of the
Company (each, a "Unit") at a price of $0.35 per
Unit for gross proceeds of up to $4,000,000 (from $2,000,000 previously).
All currency in this news release is denominated in Canadian
dollars.
"Based on strong initial demand, we are pleased to increase the
size of the private placement to allow more interested parties the
opportunity to participate," said SBBC Interim Chief Executive
Officer and Chairman Kingsley Ward.
"We anticipate participation in the placement from the majority of
our Board and senior management reflecting confidence in our
strategy and the growth trajectory of the TRUBARTM
brand."
Each Unit will consist of one common share in the capital of the
Company (a "Common Share") and one-half of one transferrable
common share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder to purchase
one additional common share in the capital of the Company (a
"Warrant Share") for a period of 24 months from the date of
issue at an exercise price of $0.45 per Warrant Share.
The Company intends to use the expanded net proceeds of the
Private Placement to support the growth and continued market
expansion of TRUBAR protein bars sold by its subsidiary, Tru Brands
Inc., to a growing list of major retailers and through online
channels across North America.
Proceeds will also be used for general corporate and working
capital purposes.
The Private Placement is being conducted pursuant to the listed
issuer financing exemption under Part 5A of National Instrument
45-106 – Prospectus Exemptions. As a result, the securities issued
under the Private Placement will not be subject to resale
restrictions pursuant to applicable Canadian securities laws.
Subject to applicable regulatory requirements, the Units will be
offered for sale to purchasers' resident in Canada (other than Québec) and other
qualifying jurisdictions.
Closing of the Private Placement is expected to occur on or
about May 6, 2024, and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the conditional approval from the TSX Venture
Exchange (the "TSXV"). The Company may engage one or more
agents or finders in connection with the Private Placement and may
pay such parties fees as may be agreed between the Company and such
parties.
There is an amended and restated offering document relating to
the Private Placement of the Units that can be accessed under the
Company's profile at www.sedarplus.com and on the Company's website
at https://www.simplybetterbrands.com/news-releases. Prospective
investors should read the offering document before making an
investment decision.
About 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. The Company's
mission is focused on leading innovation for the informed
Millennial and Generation Z generations in the rapidly growing
plant-based wellness, natural, and clean ingredient space. The
Company continues to focus on expansion into high-growth consumer
product categories including plant-based food, clean ingredient
skincare and plant-based wellness. For more information on Simply
Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
Cautionary Note Regarding Forward-Looking
Information
Certain statements in this press release constitute
"forward-looking information" and "forward-looking statements"
(collectively, "forward-looking statements") within the meaning of
applicable Canadian securities laws and are based on assumptions,
expectations, estimates and projections as of the date of this
press release. Forward-looking statements in this press release
include statements with respect to, among others, the Company's
business strategy, plans and other expectations, beliefs, goals,
objectives, and information and statements about possible future
events, including the amount proceeds raised under the Private
Placement, the intended use of proceeds of the Private Placement,
the expected closing date of the Private Placement, and the
approval of the TSXV and any other regulatory approvals with
respect to the Private Placement. Forward-looking statements are
often, but not always, identified by words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "mission", "forecasts", "objectives",
"budgets", "schedules", "potential" or variations thereof or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved, or the
negative of any of these terms and similar
expressions. Forward-looking statements are necessarily based
upon management's perceptions of historical trends, current
conditions and expected future developments, as well as a number of
specific factors and assumptions that, while considered reasonable
by the Company as of the date of such statements, are outside of
the Company's control and are inherently subject to significant
business, economic and competitive uncertainties and contingencies
which could result in the forward-looking statements ultimately
being entirely or partially incorrect or untrue. Forward-looking
statements contained in this press release are based on various
assumptions and factors, including, but not limited to, the
following: the assumption that the TSXV will approve the Private
Placement, assumptions with respect to the gross proceeds of and
the closing of the Private Placement; and that the risk factors
noted below, collectively, do not have a material impact on the
Company's business, operations, revenues and/or results. By their
nature, forward-looking statements are subject to inherent risks
and uncertainties that may be general or specific and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct, and that objectives, strategic
goals and priorities will not be achieved. Known and unknown risk
factors, many of which are beyond the control of the Company, could
cause the actual results of the Company to differ materially from
the results, performance, achievements or developments expressed or
implied by such forward-looking statements. Such risk factors
include but are not limited to those factors which are discussed
under the headings "Factors Affecting the Company's Performance" in
the Company's most recent management's discussion and analysis and
"Risks and Uncertainties" in the Company's management discussion
and analysis for the year ended December 31,
2023, which are available under the Company's SEDAR+ profile
at www.sedarplus.com. The risk factors are not intended to
represent a complete list of the factors that could affect the
Company and the reader is cautioned to consider these and other
factors, uncertainties and potential events carefully and not to
put undue reliance on forward-looking statements. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements are provided for the purpose of
providing information about management's expectations and plans
relating to the future. The Company disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
or to explain any material difference between subsequent actual
events and such forward-looking statements, except to the extent
required by applicable law. All of the forward-looking statements
contained in this press release are qualified by these cautionary
statements.
SOURCE Simply Better Brands Corp.