Pangea Natural Foods Inc. announced a non-brokered private placement of up to 7,000,000 units at a price of CAD 0.10 per unit for gross proceeds of up to CAD 700,000 on December 8, 2022. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of CAD 0.20 per common share for a period of 24 months from the closing date of the transaction.

The warrants will be subject to an accelerated expiry provision such that if the closing price of the common shares is equal to or greater than CAD 0.30 on any Canadian stock exchange for a period of 10 consecutive days, the company may accelerate the expiry date to a date that is not less than 30 days following the provision of written notice to the holders of the warrants. The securities issued will be subject to a statutory hold period expiring four months and one day from the closing date.