- The Very Good Food Company (CSE:VERY) has closed an initial public offering for C$4 million to begin trading on the Canadian Securities Exchange
- The company issued a total of 16.1 million common shares at a price of 25 cents each, and began trading on the CSE on June 18, 2020
- With the offering now complete, the proceeds will be used to accelerate the company’s expansion plans and continue the development of new products
- Separately, Brian Greenleaf has been appointed to the position of Chief Operating Officer
- The Very Good Food Company (VERY) remains unmoved and is currently trading at 51 cents per share
The Very Good Food Company (CSE:VERY) has closed an initial public offering for C$4 million to begin trading on the Canadian Securities Exchange.
Headquartered in Victoria, British Columbia, the company develops, produces and distributes a range of plant-based meats, along with other food alternatives.
The IPO included the exercise of an over-allotment option by Canaccord Genuity, which acted as the agent for the offering – resulting in the issuance of 16.1 million common shares at a price of 25 cents each for a total of $4.025 million.
These proceeds will be used to accelerate the company’s expansion plans and continue the development of new products in an effort to increase its market share.
Central to the execution of these initiatives is the build-out of VGF’s Vancouver facility, increasing production capacities, and investing in research and development programs.
Mitchell Scott, CEO of The Very Good Food Company, said the IPO is a critical milestone for the company.
“It provides us with the capital to realise our vision of becoming a global leader in food technology, creating a healthier alternative to existing options and offering a premium customer experience.
“We have seen significant growth in our eCommerce and in-store sales, including a rapid increase in subscriptions to our monthly recurring delivery service,” he added.
Mitchell also noted that a significant focus will be placed on aggressively scaling the company’s operations, along with continuous reinvestments in developing high-quality, plant-based consumer products.
Separately, The Very Good Food Company has appointed Brian Greenleaf, former Director of Operations at Canopy Growth Corporation, as its Chief Operating Officer.
In connection with his appointment, Brian has been granted a total of 240,000 incentive stock options, exercisable at a price of $0.25 until June 17, 2025.
The Very Good Food Company (VERY) remains unmoved and is trading at 51 cents per share at 10:44am EDT.