Goodfood Completes its Previously Announced Bought Deal Public Offering of Common Shares for $60 Million
February 24 2021 - 8:48AM
Goodfood Market Corp. (“Goodfood” or the “Company”) (TSX: FOOD), a
leading online grocery company in Canada, is pleased to announce
that it has closed its previously announced bought deal public
offering (the “Offering”), pursuant to which a syndicate of
underwriters co-led by Desjardins Capital Markets and RBC Dominion
Securities Inc. (together, the “Co-Lead Underwriters”), and
including Stifel Nicolaus Canada Inc., National Bank Financial
Inc., CIBC World Markets Inc., Scotia Capital Inc., Raymond James
Ltd., Canaccord Genuity Corp. and Eight Capital (collectively with
the Co-Lead Underwriters, the “Underwriters”) purchased
4,800,000 common shares of the Company (the “Common Shares”) at a
price of $12.50 per Common Share (the “Offering Price”). The
Offering represents gross proceeds of approximately $60.0 million
to the Company.
The Underwriters were granted an option (the
“Over-Allotment Option”), exercisable in whole or in part and from
time to time, at any time until 30 days after the closing of the
Offering, to purchase from the Company up to 720,000 additional
Common Shares at the Offering Price for additional gross proceeds
of up to $9.0 million to the Company. If the Over-Allotment
Option is exercised by the Underwriters in full, aggregate gross
proceeds of the Offering (including the Over-Allotment Option) will
be $69.0 million.
The Common Shares were offered by way of short
form prospectus in all of the provinces of Canada. The Company will
use the net proceeds of the Offering to fund capital and
operational projects, pursue the build out of same-day delivery
capabilities in other metropolitan areas through fulfilment
technology and automation equipment, and for general corporate
purposes.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in the United States or in any other
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been registered under the U.S.
Securities Act of 1933, as amended, and applicable U.S. state
securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirements thereunder.
ABOUT GOODFOOD
Goodfood (TSX:FOOD) is a leading online grocery
company in Canada, delivering fresh meal solutions and grocery
items that make it easy for members from across Canada to enjoy
delicious meals at home every day. Goodfood’s vision is to be in
every kitchen every day by enabling members to complete their
grocery shopping and meal planning in minutes. Goodfood members
have access to a unique selection of online products as well as
exclusive pricing made possible by its world class
direct-to-consumer infrastructure and technology that eliminate
food waste and costly retail overhead. The Company’s main
production facility and administrative offices are based in
Montreal, Québec, with five additional production facilities
located in the provinces of Québec, Ontario, Alberta, and British
Columbia. A seventh production facility located in the province of
Ontario is currently under construction and is scheduled to
commence operations in 2021. As at November 30, 2020, Goodfood had
306,000 active subscribers. www.makegoodfood.ca
For more information:
Investor and Media
Philippe
Adam |
Roslane
Aouameur |
Chief Financial Officer |
Senior Director, FP&A and Investor Relations |
(855) 515-5191 |
(855) 515-5191 |
IR@makegoodfood.ca |
IR@makegoodfood.ca |
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