/NOT FOR DISTRIBUTION TO
The Company now intends to issue up to 11,428,571 units of the Company (each, a "Unit") at a price of $0.35 per Unit for gross proceeds of up to
"Based on strong initial demand, we are pleased to increase the size of the private placement to allow more interested parties the opportunity to participate," said SBBC Interim Chief Executive Officer and Chairman
Each Unit will consist of one common share in the capital of the
The Company intends to use the expanded net proceeds of the Private Placement to support the growth and continued market expansion of TRUBAR protein bars sold by its subsidiary,
The Private Placement is being conducted pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. As a result, the securities issued under the Private Placement will not be subject to resale restrictions pursuant to applicable Canadian securities laws. Subject to applicable regulatory requirements, the Units will be offered for sale to purchasers' resident in
Closing of the Private Placement is expected to occur on or about May 6, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the
There is an amended and restated offering document relating to the Private Placement of the Units that can be accessed under the Company's profile at www.sedarplus.com and on the Company's website at https://www.simplybetterbrands.com/news-releases. Prospective investors should read the offering document before making an investment decision.
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Cautionary Note Regarding Forward-Looking Information
Certain statements in this press release constitute "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among others, the Company's business strategy, plans and other expectations, beliefs, goals, objectives, and information and statements about possible future events, including the amount proceeds raised under the Private Placement, the intended use of proceeds of the Private Placement, the expected closing date of the Private Placement, and the approval of the TSXV and any other regulatory approvals with respect to the Private Placement. Forward-looking statements are often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "mission", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are outside of the Company's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this press release are based on various assumptions and factors, including, but not limited to, the following: the assumption that the TSXV will approve the Private Placement, assumptions with respect to the gross proceeds of and the closing of the Private Placement; and that the risk factors noted below, collectively, do not have a material impact on the Company's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Company, could cause the actual results of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the headings "Factors Affecting the Company's Performance" in the Company's most recent management's discussion and analysis and "Risks and Uncertainties" in the Company's management discussion and analysis for the year ended
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