The Very Good Food Company announces an agreement to raise $10 Million for New Production Facility
November 16, 2020
Vancouver, British Columbia, November 16, 2020 – The Very Good Food Company Inc. (VERY) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. The agreement will raise $10 million dollars to build out a new production facility in Vancouver, British Columbia.
The Very Good Food Company intends to use the proceeds from the Offering to fund the commencement of operations at the Rupert Facility, and for general corporate purposes.
The Rupert Facility Details:
- The Rupert Facility comprises approximately 45,000 square feet of production, refrigeration, warehousing, R&D and office space.
- The new facility’s production capacity will be up to 37,000,000 lbs per year which equates to a 2690% increase over the Victoria facility, which can produce approximately 1,375,000 lbs per year.
- Ability to meet the production demands for the wholesale market with the hopes of growing from 20% of the production allotted to wholesale to 70% in the next year.
- Expanding to 50 more prospective wholesale partners.
This announcement comes on the heels of the signing of the lease for the Rupert facility for an initial term of ten years with the possession date of the lease commencing mid-January 2021.
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. To date, we have developed a core product line under The Very Good Butchers brand.
For further information, please contact:
Chief Executive Officer and Director
Corporate Communications and Investor Relations
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