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  • The Very Good Food Company (VERY) has executed a non-binding term sheet
  • The term sheet relates to the non-brokered private placement of an unsecured convertible note at the discounted issuance price of $2,000,000, with a maturity value of $2,100,000
  • At the option of Reef Capital Inc., the sole investor in the financing, the note and all accrued and unpaid interest are convertible into units of the company at a conversion price of $0.10 per conversion unit
  • The Very Good Food Company Inc. is a plant-based food technology company
  • The Very Good Food Company Inc. opened trading at $0.095

The Very Good Food Company (VERY) has executed a non-binding term sheet.

The term sheet relates to the non-brokered private placement of an unsecured convertible note at the discounted issuance price of $2,000,000, with a maturity value of $2,100,000.

The note will bear an annual interest of 15 per cent and will mature 18 months from the closing date.

Reef Capital Inc. is the sole investor in the financing. And at the option of Reef Capital, the note and all accrued and unpaid interest are convertible into units of the company at a conversion price of $0.10 per conversion unit.

Each conversion unit will be made up of one common share of the company and one common share purchase warrant. When issued, each conversion warrant will be exercisable for one common share of the company for a period of three years from issuance at a price of $0.10 per conversion warrant share.

Concurrently with the closing of the financing, two nominees of Reef will be appointed as directors to VERY GOOD’s board of directors, and a current director of VERY GOOD will resign from the Board.

The company intends to use the net proceeds from the financing for working capital purposes. The financing is expected to close before December 30, 2022.

The Very Good Food Company Inc. is a plant-based food technology company that produces plant-based meat and cheese products under VERY GOOD’s core brands.

The Very Good Food Company Inc. opened trading at $0.095.


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