“We are thrilled to achieve these milestones and continue our journey to be listed among some of the world's leading plant-based food companies. We are excited about our opportunities for expansion and growth in this promising industry,” commented CEO,
Private Placement Financing:
Upon satisfaction of the escrow release condition, each Subscription Receipt will automatically convert, without payment of additional consideration, into one Share and the subscription proceeds will be released to the Company. The Company issued 848,400 finder's warrants (the “Finder's Warrants“) to eligible finders as part payment of the finder's fee. Each Finder's Warrant entitles the holder thereof to acquire one Share until
In accordance with applicable securities laws, the Subscription Receipts, and the Shares issuable upon conversion, are subject to a hold period until the date that is four months and a day after the later of (i)
Acquisition of Zoglo's
In consideration for the Acquisition, the Company issued an aggregate of 64,000,000 Shares to the shareholders of Zoglo's Sub on a pro rata basis at a deemed price of
The Company also issued 3,000,000 restricted stock units to a former director of Zoglo's Sub and assumed the obligation of Zoglo's Sub to pay an aggregate of
Filing of Non-Offering Long Form Prospectus:
The Preliminary Prospectus contains important information relating to the Company and is subject to completion and/or amendment.
ABOUT ZOGLO'S INCREDIBLE FOOD CORP.:
Cautionary Note Regarding Forward-Looking Information:
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as 'proposed', 'expects', 'intends', 'may', 'will', and similar expressions. Forward-looking information contained or referred to in this news release includes, but is not limited to the intended use of the net proceeds from the private placement. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: 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. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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