- Simply Better Brands Corp. (SBBC) has closed two separate financings which include a private placement and an unsecured loan
- The first is the private placement it announced in July of unsecured convertible debentures through which the company raised aggregate gross proceeds of $850,000
- The second financing closed was an unsecured 42-month loan for USD 1,000,000 with an arm’s length lender
- 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. was up 3.571 per cent, trading at $0.435 at 10:11 AM ET
Simply Better Brands Corp. (SBBC) has closed a previously announced private placement and an unsecured loan.
The private placement of unsecured convertible debentures raised aggregate gross proceeds of $850,000.
The convertible debentures will mature in 24 months and bear an annual interest rate of 10 per cent. Each convertible debenture holder will receive a one-half common share purchase warrant for each common share exercisable at $0.59.
The second financing closed was an unsecured 42-month loan for US$1,000,000 with an arm’s length lender. The loan will be repaid over 42 months and has an interest rate of 15 per cent.
The company intends to use the net proceeds from the private placement and loan for short-term debt reduction and general working capital to support sales growth across its portfolio of brands.
“The revised plan fuels sustainable growth while not further encumbering our balance sheet and minimizing potential dilution for our shareholders,” noted Kathy Casey, CEO of Simply Better Brands Corp.
“Our operational fundamentals are strong as we plan to more than triple our revenue this year, increase our gross margin to 63-65 per cent and achieve positive adjusted EBIDTA,” she added.
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. was up 3.571 per cent, trading at $0.435 at 10:11 AM ET.
