Canada’s Very Good Food Co., operating as The Very Good Butchers, announces today its plans to raise $6.5 million in a private placement with an institutional investor.
The company states it has entered a securities purchase agreement to offer 32.5 million shares and associated warrants for 20 cents each.
The news closely follows a slew of recent developments for the publicly listed company since its company re-shuffle and new strategy this April, after which former Nestle executive Matthew Hall was hired as Interim Chief Executive Officer.
TVGFC recently entered into a distribution agreement with Canadian retailer Loblaw, whereby its portfolio can now be found in 2,000 stores throughout North America. The news saw Very Good’s stock surge by 150% last week.
“We’re incredibly excited to bring our successful products to Loblaw customers across Canada and serve up even more plant-based goodness, getting us closer to achieving our wholesale expansion targets with what we have in our pipeline,” said Jordan Rogers, Chief Commercial Officer, at the time.
“Our new BBQ Ribs and Very Good Steak will continue to raise the plant-based bar by offering consumers innovative and “value-added” products that are unique in the market, making it easier for them to adopt a plant-based-based lifestyle.”