/NOT FOR DISSEMINATION IN
As previously announced on
The net proceeds of the Offering will be used by the Company for sales and marketing of new franchise locations, upgrading manufacturing facilities, completing existing corporate restaurant construction projects and general working capital purposes.
The Private Placement remains subject to TSXV final acceptance.
Required Early Warning Report Disclosure
Under the closing each Investor acquired 125,000 Common Shares and 125,000 Warrants. Prior to the closing of the Third Tranche, each Investor owned 22,150,000 Common Shares representing approximately 26.08% of the issued and outstanding voting securities of the Company on an undiluted basis and 1,699,476 options to purchase Common Shares, representing approximately 28.09% of the issued and outstanding voting securities of the Company on a diluted basis. Following the closing of the Third Tranche, the Investors will each own 22,275,000 Common Shares representing approximately 26.16% of the issued and outstanding voting securities of the Company on an undiluted basis and 28.3% on a diluted basis. The Investor acquired the Units for investment purposes only and intends to review its holdings on a continuing basis and such holdings may be increased or decreased in the future. A copy of the Form 62-103F1 – Early Warning Report filed in connection with this disclosure may be found on www.SEDAR.
This news release contains forward-looking information within the meaning of applicable securities laws, for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. Forward looking information contained or referred to in this news release includes, among others, statements relating to completion of the Offering, regulatory approval for the Offering, insider participation in the Offering, use of proceeds of the Offering and other similar statements. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the completion of the Offering and the use of proceeds. of the Offering. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, economic conditions, the risks that required regulatory approvals are not obtained, and that the Offering may not be completed due to closing conditions not being satisfied. There is no certainty that the Offering will be completed.
For a more comprehensive discussion of the risks faced by the Company, please refer to the Company’s Annual Information Form, and other filings, filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any attempt or obligation to update any forward-looking information, whether as a result of new information. , future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in
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