VANCOUVER, BC, Feb. 3, 2023
/CNW/ - Simply Better Brands Corp. ("SBBC" or the
"Company") (TSX Venture: SBBC) (OTCQB: PKANF) is pleased to
announce that further to the Company's news release of July 26, 2022 and August
10, 2022, it has agreed to issue 45,213 common shares
2613560 Ontario Inc., and 45,213 common shares to Prehistoric
Petroleum Inc. In addition, and further to the Company's news
release dated January 20, 2023, the
Company has issued 148,925 common shares to Sebastien Centner (the "Advisor") for
strategic advisory and consulting services to one of the Company's
subsidiaries.
Shares for Debt Settlement with 2613560 Ontario Inc.
The total amount of indebtedness settled by this arrangement is
$10,625.00, for interest owed during
the period ended December 31, 2022 by
the Company to 2613560 Ontario Inc. pursuant to a convertible
debenture dated August 10, 2022 (the
"261 Debenture").
The Company has agreed to 45,213 common shares in settlement of
the December 31, 2022 interest
payment at a deemed price of $0.235
per share.
Pursuant to the 261 Debenture, interest shall be payable
quarterly until the maturity date and subject to prior approval of
the TSX Venture Exchange (the "TSXV"), such interest may be
converted into common shares at the higher of (i) the 15 trading
day Volume Weighted Average Price ("VWAP") on each such
applicable payment date, or (ii) the market price of the common
shares of the Company.
The Company decided to satisfy this outstanding indebtedness
with shares in order to preserve its cash for operational
purposes. This arrangement is subject to the approval of the TSXV.
The Company will issue these shares, which are subject to a four
month hold period, once approval has been received from the
TSXV.
Shares for Debt Settlement with Prehistoric Petroleum
Inc.
The total amount of indebtedness settled by this arrangement is
$10,625.00, for interest owed during
the period ended December 31, 2022 by
the Company to Prehistoric Petroleum Inc. pursuant to a convertible
debenture dated August 10, 2022 (the
"PPI Debenture").
The Company has agreed to issue 45,213 common shares in
settlement of the December 31, 2022
interest payment at a deemed price of $0.235 per share.
Pursuant to the PPI Debenture, interest shall be payable
quarterly until the maturity date and subject to prior approval of
the TSXV, such interest may be converted into common shares at the
higher of (i) the 15 trading day VWAP on each such applicable
payment date, or (ii) the market price of the common shares of the
Company.
The Company decided to satisfy this outstanding indebtedness
with shares in order to preserve its cash for operational
purposes. This arrangement is subject to the approval of the TSXV.
The Company will issue these shares, which are subject to a four
month hold period, once approval has been received from the
TSXV.
Shares for Services Issued to Advisor
The TSXV has accepted and the Company has paid the first of two
payments to the Advisor for services rendered pursuant to the
previously-announced advisory agreement (the
"Agreement") dated September 1,
2022. Pursuant to the Agreement, the Company has agreed to
pay the first of two payments in the aggregate amount of
CAD$34,925.80 (US$26,000.00) through the issuance of 158,925
common shares at a deemed price of CAD$0.23452 per share.
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, 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.
Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" and "forward looking statements" as
such terms are used in applicable Canadian securities laws.
Forward-looking statements and information are based on plans,
expectations and estimates of management at the date the
information is provided and are subject to certain factors and
assumptions, including, among others, that the Company's financial
condition and development plans do not change as a result of
unforeseen events, the impact of the COVID-19 pandemic, the
regulatory climate in which the Company operates, and the Company's
ability to execute on its business plans.
Forward-looking statements and information are subject to a
variety of risks and uncertainties and other factors that could
cause plans, estimates and actual results to vary materially from
those projected in such forward-looking statements and information.
Factors that could cause the forward-looking statements and
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result
in delays, or cessation in planned work, that the Company's
financial condition and development plans change, as well as the
other risks and uncertainties applicable to the CBD or broader
wellness industries and to the Company, and as set forth in the
Company's annual information form available under the Company's
profile at www.sedar.com.
The above summary of assumptions and risks related to
forward-looking statements in this news release has been provided
in order to provide shareholders and potential investors with a
more complete perspective on the Company's current and future
operations and such information may not be appropriate for other
purposes. There is no representation by the Company that actual
results achieved will be the same in whole or in part as those
referenced in the forward-looking statements and the Company does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
SOURCE Simply Better Brands Corp