Komo Plant Based Foods completes fully subscribed financing

Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

VANCOUVER, BC / ACCESSWIRE / October 8, 2021 / Komo Plant Based Foods Inc. (CSE: MIAM) (OTCQB: KOMOF) (FRA: 9HB) (“Komo“or the”Society“), a premium frozen plant food company, announces that it has closed a fully subscribed broker-less private placement of $ 1,000,000. Komo has also received additional proceeds of $ 374,000 in exercise warrants and options over the past two weeks.

Following the closing of the private placement, Komo issued 1,000 units of Komo at a price of $ 1,000 per unit, for gross proceeds of up to $ 1,000,000. Each Unit consisted of one 10% unsecured convertible debenture (the “Debentures”) and 7,000 warrants to purchase common shares of the Company (the “Warrants”).

The debentures bear interest at the rate of 10% per year on an accrual basis from issue, calculated and payable semi-annually in arrears on July 31 and January 31 of each year, such payment beginning on January 31, 2022 with a redemption date which is 24 months from the issue. The debentures are convertible in whole or in part, at the option of the holders, into common shares in the capital of the Company at a price of $ 0.14 per common share, at any time prior to their redemption. Each warrant will allow its holder to acquire one common share of the Company at a price of $ 0.16 per share for a period of 36 months from the date of issue. The closing took place in two installments – 50% on September 29, 2021 and 50% today.

The Company paid $ 80,000 in finder’s fees to registered brokers and issued 571,427 warrants for each purchase of a common share of the Company at a price of $ 0.14 for a period of 24 months from the date of issue (the “Broker Warrants”).

The shares underlying the warrants, broker’s warrants and debentures are subject to a legal holding period expiring four months and one day from the issuance of the underlying securities.

All amounts are in Canadian dollars, unless otherwise indicated. The net proceeds of the placement will be used to increase manufacturing, sales expansion in Canada and the United States, marketing and salaries.

As part of its previously announced strategic brand communications campaign, Komo entered into an agreement on October 7, 2021 with Lion Capital Investment Limited for content creation, consulting, online marketing and lead generation and dissemination. Komo information extrapolated from public investor presentations and press releases for six months for an amount of $ 225,000, of which 75% will be used for third party services. Komo may choose to increase the digital marketing budget at any time during the term of the contract by requesting an additional work order from Lion. As per the agreement, Lion is obligated to ensure that all content created as part of the services is pre-approved by Komo prior to publication. Lion is further responsible for ensuring that all aspects of the content and digital marketing campaign comply with all applicable laws and regulations.

About Komo

Komo Plant Based Foods Inc. is a premium plant-based food company that develops, manufactures and sells a variety of plant-based frozen meals that are consistently hearty, satisfying, and made with healthy ingredients. At Komo, our mission is to help make plant-based meals a staple on every table by sharing our love for feel-good food that connects people to the planet. We believe plant-based eating is the future and – Change can start with just one biteMT. Our experienced team of plant-based innovation and development recreates vegan versions of traditional cheese and meat classics, with 100% plant-based ingredients. Komo’s products are sold direct to consumers through our e-commerce website and a distribution network of online grocery and brick and mortar, convenience and natural retailer channels. Our operating subsidiary Komo Comfort Foods was launched in 2021 with our flagship products: Plant-Based Lasagna, Shepherd’s Pie and Chicken Pie and recently launched a new line – Komo Plant-Based Meal Helpers.MT – versatile meal starters to allow the creation of many dishes at home. All of our products are 100% plant-based, made with healthy ingredients, no preservatives and frozen for freshness. Freezing products is a natural and effective way to preserve food products longer without having to use preservatives. Komo meals have a frozen shelf life of one year.

Learn more about: www.komocomfortfoods.com and follow on Instagram: @komocomfortfoods

For more information, please contact:

William White, President and CEO, Komo Plant Based Foods Inc.
[email protected]

The Canadian Securities Exchange has not reviewed, approved or disapproved of the contents of this press release.

Caution Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the future performance of Komo. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters which are not facts historical records are intended to identify information and are based on Komo’s current belief or assumptions about the outcome and timing of such future events. Actual future results may differ materially. In particular, Komo’s product development plans, its ability to retain key personnel and its expectations for consumer acceptance of its products constitute forward-looking information. Actual results and developments may differ materially from those envisaged by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. Statements made in this press release are made as of the date hereof. Komo disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

THE SOURCE: KOMO Plant-Based Foods Inc.

See the source version on accesswire.com:

Comments are closed.