/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 4, 2021 /CNW/ - Pontus Protein Ltd. (TSXV:
HULK) (OTCQB: HLKKF) (FSE: 8YC) ("Pontus" or the
"Company") announces that it has completed the second
tranche of its previously announced $5,000,000 non-brokered private placement (the
"Offering"), as described in its news releases dated
September 14, 2021, September 23, 2021 and October 25, 2021, pursuant to which it has issued
an aggregate of 3,068,750 units (each, a "Unit") at a price
of $0.16 per Unit for aggregate gross
proceeds of $491,000
(the "Second Tranche"). The Company has raised total
aggregate proceeds of $1,455,600 from
the closings of the first and second tranches of the Offering.
Each Unit consists of one common share in the capital of the
Company (each, a "Share") and one Share purchase warrant
(each, a "Warrant"), with each Warrant entitling the
holder thereof to acquire one additional Share (each,
a "Warrant Share") at a price of $0.30 per Warrant Share for a period of 2 years
from the closing date.
The proceeds from the Offering, including those from the Second
Tranche, are expected to be used for general working capital as
well as to further fund the construction of the Company's
Surrey facility.
All securities issued in connection with the closing of the
Initial Tranche are subject to a statutory hold period expiring on
March 4, 2022. No finder's fees were
paid in connection with the closing of the Second Tranche.
None of the securities to be issued in connection with the
Offering will be or have been registered under the United States Securities Act of
1933, as amended (the "1933 Act"), and none may be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the 1933 Act. This press release
is being issued pursuant to Rule 135c of the 1933 Act and shall not
constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of the securities, in any state where
such offer, solicitation or sale would be unlawful.
About Pontus Protein Ltd.
Pontus Protein Ltd. is a Vancouver,
B.C. based agricultural technology company that will enable
millions to rethink their food choices while helping people do the
world a world of good. By offering sustainably grown plant based
food options that are nutritious and delicious, we're helping this
kind of diet become the norm.
Pontus is reinventing agriculture with their proprietary Closed
Environment Vertical Aquaponic System (CEVAS) – the farming of the
future. Pontus specializes in the indoor vertical farming of water
lentils that use 95% less water than traditional agriculture and no
pesticides or chemicals. Pontus is committed to solving the global
food crisis by providing access to sustainable indoor biosecure
pure plant based proteins. Pontus' water lentils can be harvested
every 24 hours, exceed organic certification, and can be grown in
any climate in a relatively small area. Our water lentil protein is
filled with antioxidants, minerals, vitamins and all the amino
acids, making a complete protein food source. Pontus aims to
revolutionize the plant based sector as the entire sector is
currently based on two main protein sources: soy and pea. Water
lentil protein is far superior to pea and soy protein. It contains
over 40% protein vs. 5-36% protein*, and Pontus aims to be the base
protein for plant based food products, leading to the movement
transitioning the world from meat based to plant based
proteins.
To learn more, please visit pontuswaterlentils.com.
*https://www.infood.net/visitor/collection/75?portion_size=100
On behalf of the Board of Directors
"Connor Yuen"
Connor Yuen, CEO
Pontus Protein Ltd.
Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, the anticipated use of proceeds of
the Offering, Including those from the Second Tranche, by the
Company and Pontus' ability to revolutionize the plant based sector
and enable millions to rethink their food choices. Such statements
are subject to risks and uncertainties that may cause actual
results, performance or developments to differ materially from
those contained in the statements, including risks related to
factors beyond the control of the Company. These risks include, but
are not limited to, the following: the unknown magnitude and
duration of the effects of the COVID-19 pandemic, the failure of
Pontus to receive TSX Venture Exchange approval for the closing of
the remainder of the Offering, Pontus' inability to close further
tranches of the Offering, the failure of Pontus to receive the
necessary approvals from the Canadian Food Inspection Agency for
its products and facilities, the inability to complete Pontus'
Surrey Facility, as well as other general business, economic, or
market related risks beyond the director control of the Company and
which may affect the Company's business, operations, or products.
No assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what
benefits the Company will obtain from them. The Company undertakes
no obligation to update forward-looking information if
circumstances or management's estimates or opinions should change,
unless required by law. The reader is cautioned not to place undue
reliance on forward-looking information.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accept
responsibility for
the adequacy or accuracy of this release.
SOURCE Pontus Protein Ltd.
