Modern Meat (MEAT.C) closed the final tranche of their non-brokered private placement earlier this week, having raised $1.5 million in an offering of 333,333 company units for $4.50 a unit.
Combined with the first tranche of the placement, the company has raised $2.5 million.
The specifics of the raise include one common share and one-half of one transferable common share warrant, with each warrant entitling the holder to an extra share for two years at an exercise price of $5.50 per share.
Each warrant comes with accelerated expiry provisions. If the company’s share price gets over a volume-weight average trading price of $6 per share for ten consecutive days, the company will issue a notice to holders that the warrants will expire 30 days from the date of the notice.
The proceeds will be used in a brand awareness campaign for its product, investor relations, product development, inventory purchase and for general working capital.
Also, the company announced that they have raised the total number of retail locations to 50, effectively doubling in size since they went public on the CSE.
“I am very proud of our team and pleased with the work they have accomplished to get us to this point. As demand for our plant-based meat alternatives continues to grow we intend to pursue expansion plans through accretive acquisitions in the sector and by developing our distribution channel nationally through major retail chains, specifically in Ontario. We also plan to invest in a new kitchen facility this quarter to give us additional production capacity to meet the considerable increase in market demand,” said Tara Haddad, CEO of Modern Meat.