/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
CHICAGO and VANCOUVER, BC, Feb. 28,
2022 /CNW/ - The Planting Hope Company Inc. (TSXV:
MYLK) (FRA: J94) ("Planting Hope" or the "Company"), a
plant-based food and beverage company focused on producing the
world's most nutritious and planet-friendly products, announces
that it has entered into an agreement with Canaccord Genuity Corp.
as lead underwriter and sole book runner (the "Underwriter"), under
which the Underwriter has agreed to purchase on a bought deal basis
pursuant to the filing of a short form prospectus, an aggregate of
8,750,000 subordinate voting shares in the capital of the Company
(the "Shares"), at a price of C$0.80
per Share (the "Offering Price") for aggregate gross proceeds to
the Company of C$7,000,000 (the
"Offering"). In addition, the Company has granted the Underwriter
an option, exercisable at the Offering Price for a period of 30
days following the closing of the Offering, to purchase up to an
additional 15% of the Offering to cover over-allotments, if
any.
The Shares will be offered by way of a short form prospectus to
be filed in each of the provinces of Canada (other than Québec). The Offering is
expected to close on or about March 14,
2022 and is subject to Planting Hope receiving all necessary
regulatory approvals, including the approval of the TSX Venture
Exchange and the applicable securities regulatory authorities.
The Company intends to use the net proceeds from the Offering
primarily to fund operating and marketing expenses, including the
expansion of distribution and new product launches in the U.S. and
Canada; and fund a portion of the
purchase price for the acquisition of the RightRice® product
lines.
The securities in this news release have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. 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 any State in which
such offer, solicitation or sale would be unlawful.
About The Planting Hope Company Inc.
Planting Hope
develops, launches, and scales uniquely innovative plant-based and
planet-friendly food and beverage brands. Planting Hope's
award-winning and cutting-edge products fill key unmet needs in the
skyrocketing plant-based food and beverage space. The Planting Hope
brand family includes Hope and Sesame® Sesamemilk, RightRice®
Veggie Rice, Mozaics™ Real Veggie Chips, and Veggicopia® Veggie
Snacks. Founded by experienced food industry entrepreneurs,
Planting Hope is a women-managed and woman-led company with a focus
on nutrition, sustainability, and diversity. For more information
visit: www.plantinghopecompany.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement
Certain disclosure in this release, including the expected
use of proceeds of the Offering, the anticipated closing date of
the Offering, and the necessity to secure regulatory approval of
the Offering, constitutes forward-looking statements that are
subject to numerous risks, uncertainties and other factors outside
of the Company's control that may cause future results to differ
materially from those expressed or implied in such forward-looking
statements. In preparing the forward-looking statements in this
news release, the Company has applied several material assumptions,
including, but not limited to, the assumption that all conditions
precedent to the completion of the Offering will be satisfied in a
timely manner; that general economic and business conditions will
not change in a materially adverse manner; and that the Company
will be able to raise additional funds on reasonable terms.
Although the management of the Company believes that the
assumptions made and the expectations represented by such
statements are reasonable, there can be no assurance that any
forward-looking statement herein will prove to be accurate. Readers
are cautioned not to place undue reliance on forward-looking
statements. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or for any
other reason except as required by law.
SOURCE The Planting Hope Company Inc.