Source: Simply Better Brands Corp.
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  • Simply Better Brands Corp. (SBBC) has announced a non-brokered private placement of secured convertible debentures (CD) for gross proceeds of up to $9,100,000
  • It also announced a non-brokered private placement for gross proceeds of up to $3,250,000
  • Each CD has a 24-month maturity date with and annual interest rate of 8.0 per cent
  • The net proceeds from the CD and common share offerings will be used for short-term debt reduction and general working capital
  • Simply Better Brands Corp focuses on promoting healthy and active lifestyles
  • Simply Better Brands Corp. opened the day’s trading at $0.52 per share

Simply Better Brands Corp. (SBBC) has announced a non-brokered private placement ‎of secured convertible debentures (CD) for gross proceeds of up to $9,100,000.

The company also announced a non-brokered private placement of common shares for aggregate gross proceeds of up to $3,250,000.

The company will issue up to 11,016,949 common shares for $0.295 each.

The convertible debentures will be convertible into common shares of the company at a ‎conversion price of $0.39 per common share‎.

Each CD has a 24-month maturity date with and annual interest rate of 8.0 per cent.

The net proceeds from the CD and common share offerings will be used for short-term debt reduction and general working capital.

The company also recently announced its preliminary sales for the six months ended June 30, 2022, of US$28.9 million, a 400 per cent increase from the prior period.

‎“Due to the strong growth of our PureKana, No B.S. Skincare, and TRUBAR brands, our 2022 ‎outlook is $50-55 million or over 300 per cent growth vs. one year ago and anticipated gross margins are expected to be 63-65 per cent up from 62 per cent in the prior year, while achieving positive adjusted ‎EBITDA,” explained Kathy Casey, CEO of Simply Better Brands Corp.

Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories.

Simply Better Brands Corp. opened the day’s trading at $0.52 per share.

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