Blender Bites Announces Private Placement
August 02 2024 - 1:04PM
Blender Bites Limited (the “
Company”,
“
Blender Bites” or “
Blender”),
(CSE:
BITE, FWB:
JL4, WKN:
A3DMEJ), announces that it will conduct a
non-brokered private placement (the “
Offering”),
under the Listed Issuer Financing Exemption (as defined below), of
up to 1,875,000 units of the Company (each, a
“
Unit”) at a price of $0.64 per Unit to raise
gross proceeds of up to $1,200,000. Each Unit will consist of one
common share of the Company and one-quarter-of-one common share
purchase warrant (each whole warrant, a
“
Warrant”). Each Warrant will entitle the holder
to purchase one common share of the Company at a price of $0.80 at
any time on or before that date which is thirty-six months after
the closing date of the Offering.
The net proceeds from the Offering are expected
to be used for operational expenses, including raw material
purchases and inventory expansion, as well as sales and marketing,
retirement of existing payables and general working capital
purposes.
Subject to compliance with applicable regulatory
requirements and in accordance with National Instrument 45-106 –
Prospectus Exemptions (“NI 45-106”), the Offering
is being made to purchasers resident in Canada, excluding Québec,
pursuant to the listed issuer financing exemption under Part 5A of
NI- 45-106 (the “Listed Issuer Financing
Exemption”). The securities offered under the Listed
Issuer Financing Exemption will not be subject to a hold period in
accordance with applicable Canadian securities laws. An offering
document related to the Offering will be made available under the
Company’s profile at www.sedarplus.ca and on the Company’s website
at: www.blenderbites.com. Prospective investors should read this
offering document before making an investment decision.
Closing of the Offering remains subject to the
receipt of any required regulatory approvals. The Company may pay
finders’ fees to eligible parties who have assisted in introducing
subscribers to the Offering. The Company will also issue common
shares equal to two percent of the number of Units issued in the
Offering (the “Administrative Fee Shares”) to
Amalfi Corporate Services Ltd. (“Amalfi”) as an
administrative fee for Amalfi's assistance with the Offering.
Amalfi is a private company controlled by Geoff
Balderson, the Chief Financial Officer of the Company, and the
issuance of Administrative Fee Shares to Amalfi is considered a
related party transaction as defined under Multilateral Instrument
61-101 - Protection of Minority Security Holders in Special
Transactions (“MI 61-101”). The Company intends to
rely upon the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market
value of the Administrative Fee Shares issued to Amalfi will not
exceed twenty-five percent of the market capitalization of the
Company, as determined in accordance with MI 61-101.
ABOUT BLENDER BITES
Blender Bites is a multi-award-winning Canadian
company involved in the development and marketing of a line of
premium frozen beverage products with a focus on functionality.
Blender Bites was founded in 2017 and quickly became a leader in
the “easy smoothie” category in North America. With a focus on
better-for-you ingredients and convenience, the Company is proud to
be pre-portioned without the use of any inner plastic packaging.
Blender Bites products are certified organic, non-GMO, gluten free,
dairy free and soy free and contain functional ingredients such as
whole food vitamins, collagen, and probiotics. Blender Bites 1-Step
Smoothies and 1-Step Frappes are distributed across Canada and the
US, and are currently sold in over 5000 stores, including Walmart
Canada, Loblaws, Sobeys, Walmart USA, Winn-Dixie and the Albertsons
group of Companies.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive OfficerEmail –
chelsie@blenderbites.comTelephone – 236-521-0626
For further information, contact Blender
IR Team at:
Email – investors@blenderbites.comTelephone –
1-888-997-2055Media Contact – teamblenderbites@jonesworks.com
CAUTIONARY DISCLAIMER
STATEMENT
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation, including with respect to the intended use of proceeds
from the Offering. Forward-looking statements are necessarily based
upon several estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward looking statements. Such factors include, but are not
limited to general business, economic, competitive, political, and
social uncertainties, and uncertain capital markets. Readers are
cautioned that actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. 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, except as
required by law.