Nabati Foods Announces Private Placement for up to $4 Million
With 2020 revenue showing 85%+ growth over 2019, the company is poised for rapid expansion
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EDMONTON, Alberta, Jan. 25, 2021 (GLOBE NEWSWIRE) — Nabati Foods Inc. (“Nabati” or the “Company”), a plant-based food tech company offering whole, natural, plant-based foods for health conscious consumers, is announcing that, subject to regulatory approval and formal documentation, the Company is offering a private placement financing (“Private Placement”) brokered by Mackie Research Capital Corp. for gross proceeds of up to $4,000,000. The Private Placement will be for up to 8,000,000 Special Warrants at a price of $0.50 per Special Warrant.
Each Special Warrant will convert into one free-trading share upon listing on the Canadian Securities Exchange (“CSE”).
Nabati is a food technology company that offers healthy, plant-based products. Nabati is based in Edmonton, Alberta, and serves the North American Market. All products are certified gluten-free, dairy-free, egg-free, refined sugar-free, all natural (non-GMO), certified kosher, and certified vegan.
“Demand for our products has been growing rapidly in both Canada and the United States. We have a long production queue for all of our products, and are rapidly progressing the setup of our second facility up and running to increase production capacity and enable us to meet current demand and deliver new innovations. 2020 saw our sales increase by over 85%,” said Ahmad Yehya, CEO of Nabati. “We created Nabati because we felt that there simply weren’t enough healthy, plant-based options on the shelves. We believe the most mouthwatering foods can still be healthy, and this drives innovation in our company. We are dedicated to ensuring everyone can enjoy our products, regardless of their dietary preferences or food allergies.”
Nabati products are currently available in over 300 stores across Canada and in over 120 stores across the U.S. Nabati also plans to enter the European Market in 2022. The Company has recently expanded its distribution channel mix to include e-commerce and industrial sales, complementing its successful grocery and foodservice channels.
“We love Innovation, and we are excited about several projects, one we believe is groundbreaking. We are thrilled and can’t wait to be moving from our pilot plant to a production facility that will deliver on new innovations we can’t wait to release but also meet demand from current and future clients” said Ahmad Yehya, CEO of Nabati.
The proceeds will be used to fund the Company’s go-public transaction as well as for business development, working capital, plant expansion, and to purchase equipment to expand production capacity and develop new product lines.
About Nabati foods Inc.
Nabati Foods Inc. (“Nabati”) is a family-owned food tech company offering whole, natural, plant-based, gluten and soy-free foods for health-conscious consumers. The company was founded in 2014 and has four signature product lines including dairy-free cheesecakes, cheese alternatives, and plant-based meats. Nabati products are distributed in Canada and the U.S. through grocery, foodservice, and industrial channels.
Find Nabati on Social Media: on Instagram, Facebook, Twitter and LinkedIn
For media inquiries, please contact: Brittany@Exvera.com
For investment inquiries, please contact: ir@nabatifoods.com
For further information, please contact : Ahmad Yehya at ir@nabatifoods.com
Disclosure and Caution
Completion of the financing is subject to a number of conditions, including ensuring the financing and listing application are compliant with CSE requirements. The transaction cannot close until the required conditions are satisfied and required approvals are obtained. There can be no assurance that the financing will be completed as proposed or at all. Trading in the securities of the Company should be considered highly speculative – there is no active market for Company’s securities at this time. No regulatory body has reviewed or approved the terms to this financing.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the ability to complete the financing, the ability to satisfy the conditions required and approvals needed to complete the transaction, availability of funds and the results of financing efforts, – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
