The Very Good Food Company completes Initial Public Offering and will commence trading on the CSE under the ticker symbol VERY
June 17, 2020
The Very Good Food Company completes Initial Public Offering
and will commence trading on the CSE under the ticker symbol VERY
Vancouver, British Columbia, June 17, 2020 – The Very Good Food Company (VGF) Inc is pleased to announce the successful completion of its initial public offering, resulting in the issuance of 16,100,000 common shares of the Company at a price of $0.25 per share. This resulted in gross proceeds of approximately $4,025,000 CAD.
The Common Shares were listed on the Canadian Securities Exchange (the CSE) on June 16, 2020 and will commence trading on the CSE at market open on June 18, 2020, under the symbol "VERY".
VGF currently has a line of plant-based meat alternatives under The Very Good Butchers brand that are distributed in a variety of unique ways including a Butcher Shop retail location, grocery stores across Canada, and an e-commerce subscription box.
CEO Mitchell Scott says “this IPO is a critical milestone for VGF, as it provides us with the capital to realize our vision of becoming a global leader in food technology, and providing a healthier alternative to existing options available to consumers. We intend to scale our operations aggressively, establish a market leadership position, and continuously reinvest in creating the highest quality, most innovative plant-based products.”
VGF anticipates using the net proceeds from the offering to accelerate its expansion plans and to continue developing innovative new products to increase market share. Key priorities include funding the build-out of its Vancouver facility, increasing production capabilities, as well as investing in research & development.
About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile.
For further information, please contact:
Chief Executive Officer and Director
Phone: +1 855-472-9841
Phone: +1 855-472-9841
Certain information contained in this news release may constitute forward-looking information under applicable securities laws including, but not limited to, statements related to the anticipated time of trading of the Common Shares on the CSE, the anticipated use of net proceeds from the offering, the Company's vision of becoming a global leader in food technology, the attributes of the Company's products as healthier alternatives to existing options and the Company's plans to scale operations and establish a market leadership position. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this news release. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada.
Actual results and the timing of events or developments may differ materially from those expressed or implied in the forward-looking information as a result of various risks, uncertainties and other factors, including, without limitation, those described in the "Risk Factors" section of the Prospectus such as negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes and the impact of and risks associated with the ongoing COVID-19 pandemic. A copy of the Prospectus can be accessed under VGF's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com. We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect our results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.
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