Simply Better Brands Corp. Announces New 10% Insider
VANCOUVER, British Columbia, Aug. 31, 2022 (GLOBE NEWSWIRE) — Simply Better Brands Corp. (“SBBC” or the “Company“) (TSX Venture: SBBC, OTCQB: PKANF) announces today that further to its news release of August 29, 2022, upon the closing of the third tranche (the “Third Tranche”) of the private placement of common shares of the Company (“Common Shares”) previously announced on July 21, 2022 (the “Private Placement”), IV M Investments LP (“IV M”) owns and has control and direction over, directly or indirectly, 4,301,694 Common Shares, or approximately 10.28% of the issued and outstanding Common Shares. Immediately prior to the closing of the Third Tranche, IV M owned and had control and direction over, directly or indirectly, 2,945,762 Common Shares, or approximately 7.53% of the issued and outstanding Common Shares. IV M does not have beneficial ownership of, or control or direction over, directly or indirectly, any convertible securities of the Company.
As a result of Kathy Casey’s participation in the first tranche of the Private Placement, the transaction is considered a related party transaction for purposes of Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions (“MI 61-101”). The Company relied on the exemptions from the formal valuation and minority shareholder approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 since the fair market value of the Private Placement does not exceed 25% of the Company’s market capitalization.
As of the close of business on August 30, 2022, the Company has 41,833,770 Common Shares outstanding.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company’s mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Simply Better Brands Corp.
Brian Meadows
Chief Financial Officer
+1 (855) 553-7441
ir@simplybetterbrands.com
