The Very Good Food Company Inc. - CEO, Mitchell Scott (right).
CEO, Mitchell Scott (right).
Source: The Very Good Food Company.
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  • A total of 5,594,750 units were offered at a price of $3.70 per unit for aggregate gross proceeds of $20,700,575
  • This included the full exercise of the over-allotment option
  • Canaccord Genuity Corp. acted as lead underwriter and sole bookrunner
  • The Very Good Food Company Inc. is an emerging plant-based food technology company
  • The Very Good Food Company Inc. is down 0.512 per cent, trading at C$3.89 per share at 10:35 am ET

The Very Good Food Company announced the closing of its previously announced bought deal prospectus offering.

A total of 5,594,750 units were offered at a price of $3.70 per unit for aggregate gross proceeds of $20,700,575, which included the full exercise of the over-allotment option.

Each unit consisted of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to purchase one additional common share at a price of $4.60 until January 2, 2023.

Canaccord Genuity Corp. acted as lead underwriter and sole bookrunner for the offering.

VERY GOOD intends to use the proceeds from the offering to fund the launch of operations at its production facility in Patterson, California, US eCommerce and wholesale expansion efforts, international eCommerce launches and for general corporate purposes.

Mitchell Scott, Chief Executive Officer, commented,

“We were very pleased to work with Canaccord on another successful financing. The funds raised will support the scale-up of key initiatives to drive growth of our purpose-driven business and build our brand into a household name.”

Canaccord received a 7 per cent cash commission and an equivalent amount of compensation warrants. Each compensation warrant entitles the holder to purchase one additional unit at a price of $3.70 until January 2, 2023. Canaccord also received a corporate finance fee comprised of 30,000 units.

The offering was completed in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick and Nova Scotia and on a private placement basis in the United States.

The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD’s core brands: The Very Good Butchers and The Very Good Cheese Co. 

The Very Good Food Company Inc. is down 0.512 per cent, trading at C$3.89 per share at 10:35 am ET.

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