VANCOUVER, BC, Nov. 14,
2022 /CNW/ - Simply Better Brands Corp.
("SBBC" or the "Company") (TSXV: SBBC) (OTCQB: PKANF)
announces today that it has entered into debt settlement
arrangements with Two Shores Financial Services Inc. (Two Shores)
am arm's length creditor (the "Creditor"), pursuant to which
the Company has agreed to issue an aggregate of 500,000 common
shares purchase warrants ("Warrants") exercisable at a price
of $0.55 per share for a period of 24
months from the date of issuance. Assuming full exercise of the
Warrants, the Company will issue 500,000 common shares in share
capital of the Company.
The total amount of indebtedness settled by these arrangements
is $141,750 owed by the Company to
the Creditor pursuant to services provided over a 12-month period
commencing October 1, 2021. The
Company decided to satisfy this outstanding indebtedness with
Warrants in order to preserve its cash for operational
purposes.
Two Shores has been a strategic partner that has supported SBBC
and its subsidiaries with strategic advisory and working capital
for its blue-chip retail customers such as Costco and CVS. The
Company looks forward to a continued relationship with Two Shores
as it continues to build out its retail business.
This arrangement is subject to the approval of the TSX Venture
Exchange ("Exchange"). The Company will issue these
Warrants, which are subject to a four month hold period, once
approval has been received from the Exchange.
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, natural, and clean ingredient space. The Company
continues to focus on expansion into high-growth consumer product
categories including CBD products, plant-based food and beverage,
and the global pet care and skin care industries. For more
information on Simply Better Brands Corp., please visit:
https://www.simplybetterbrands.com/investor-relations.
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 Information
Certain statements contained in this news release constitute
"forward-looking information" and "forward looking statements" as
such terms are used in applicable Canadian securities laws.
Forward-looking statements and information are based on plans,
expectations and estimates of management at the date the
information is provided and are subject to certain factors and
assumptions, including, among others, that the Company's financial
condition and development plans do not change as a result of
unforeseen events, the impact of the COVID-19 pandemic, the
regulatory climate in which the Company operates, and the Company's
ability to execute on its business plans. Specifically, this news
release contains forward-looking statements relating to, but not
limited to: settlement of the debt owing by the Company to the
Creditors through the issuance of warrants and regulatory approval
of the issuance of such warrants.
Forward-looking statements and information are subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking statements and
information. Factors that could cause the forward-looking
statements and information in this news release to change or to be
inaccurate include, but are not limited to, the risk that any of
the assumptions referred to prove not to be valid or reliable,
that occurrences such as those referred to above are realized and
result in delays, or cessation in planned work, that the Company's
financial condition and development plans change, as well as the
other risks and uncertainties applicable to the CBD or broader
wellness industries and to the Company, and as set forth in the
Company's annual information form available under the Company's
profile at www.sedar.com.
The above summary of assumptions and risks related to
forward-looking statements in this news release has been provided
in order to provide shareholders and potential investors with a
more complete perspective on the Company's current and future
operations and such information may not be appropriate for other
purposes. There is no representation by the Company that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and the Company does
not undertake any obligation to update publicly or to revise any
of the included forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by applicable securities law.
SOURCE Simply Better Brands Corp