March 17, 2023 – Vancouver, British Columbia – Blender Bites Ltd. (the “Company”, “Blender Bites” or “Blender”), (CSE: BITE, FWB: JL4, WKN: A3DMEJ), an award-winning Canadian company involved in the development and marketing of a line of premium, organic and plant-based pre-portioned frozen functional foods, is pleased to announce that it has closed the final tranche (the “Second Tranche”) of its previously announced non-brokered private placement (the “Private Placement”) through the issuance of 410,850 units (the “Units”) at a price of $3.08 per Unit for gross proceeds of $1,265,420.00. Each Unit consists of one (1) share (each, a “Share”) and one (1) transferable Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of five (5) years from closing at a price of $5.50 per Share.
The net proceeds from the Private Placement will be used for working capital and general corporate purposes of the Company.
Under the Second Tranche closing, the Company issued 4,109 Shares of the Company to a third-party in consideration for administrative services rendered in connection with the Private Placement. The first tranche (the “First Tranche”) closed on March 7, 2023 and consisted of the distribution of 238,500 Units for gross proceeds of $734,580.00 and under the First Tranche the Company issued 2,385 Shares of the Company to a third-party in consideration for administrative services rendered in connection with the Private Placement.
Chelsie Hodge, CEO and a director of the Company subscribed for an aggregate total of 24,300 Units under the First and Second Tranche for gross proceeds to the Company of $74,844.00. Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Private Placement by Ms. Hodge did not exceed twenty-five percent (25%) of the market capitalization of the Company, as determined in accordance with MI 61-101.
Pursuant to applicable securities laws, all securities issued under the Second Tranche are subject to a statutory hold period of four months and a day expiring on July 18, 2023. No finders’ fees or commissions were payable in connection with closing of the First and Second Tranche.
ABOUT BLENDER BITES
Blender Bites is an award-winning Canadian company involved in the development and marketing of a line of premium frozen food products with a focus on functionality. Blender Bites was founded in 2016 and was first to market in Western Canada with a pre-portioned “easy smoothie” product that is free of any unnecessary inner plastic packaging. Blender Bites products are certified organic, vegan, non-GMO, gluten free, dairy free and soy free. They contain no added sugars and are made in Canada. Blender Bites products are distributed internationally across Canada and the US, and are currently sold in over 900 stores, including Sobeys, Loblaws, Safeway, Save on Foods, Real Canadian Superstore, Whole Foods Market, Buy-Low/Nesters, IGA, Thrifty and Fresh Street.
On behalf of the Board of Directors,
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email – email@example.com
Telephone – 236-521-0626
For further information, contact Blender IR Team at:
Email – firstname.lastname@example.org
Telephone – 1-888-997-2055
CAUTIONARY DISCLAIMER STATEMENT
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.