Zoglo's Incredible Food Corp. Announces Successful Completion of Private Placement, Acquisition and Filing of Preliminary Prospectus as it Focuses on Innovative Growth

By Zoglo's Incredible Food Corp.8 days ago

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TORONTO, April 8, 2021 /PRNewswire/ -Zoglo's Incredible Food Corp. (formerly 1258481 B.C. Ltd.) (“Zoglo's“ or the “Company“) is pleased to announce that it has closed a $6.75M non-brokered private placement, successfully completed the acquisition of Zoglo's Incredible Food Inc. (“Zoglo's Sub“) and has filed a non-offering long form prospectus with the Ontario Securities Commission as it progresses towards its goal of a public listing.

“We are thrilled to achieve these milestones and continue our journey to be listed among some of the world's leading plant-based food companies. We are excited about our opportunities for expansion and growth in this promising industry,“ commented CEO, Anthony Morello.

Private Placement Financing:

On March 22, 2021, the Company closed a non-brokered private placement (the “Financing“) of 27,000,000 subscription receipts (the “Subscription Receipts“) at a price of $0.25 per Subscription Receipt for gross proceeds of $6,750,000. The proceeds of the Financing will be held in escrow pending conditional approval of the Canadian Stock Exchange (the “CSE“) of the listing of the Company's common shares (“Shares“) for trading on the CSE (the “Listing“).

Upon satisfaction of the escrow release condition, each Subscription Receipt will automatically convert, without payment of additional consideration, into one Share and the subscription proceeds will be released to the Company. The Company issued 848,400 finder's warrants (the “Finder's Warrants“) to eligible finders as part payment of the finder's fee. Each Finder's Warrant entitles the holder thereof to acquire one Share until March 22, 2022. Upon the release of the escrowed funds to the Company, the Company will pay $212,000 in cash to eligible finders. It is expected that proceeds from the Financing will be utilized to make payments required pursuant to the Acquisition (as defined below) and for the general and administrative expenses of the Company.

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