plantable® completes initial public offering
Torys acted as counsel to plantable® with a team that included Mike Pedlow, Jennifer Baugh, Jon McDonald, Matt Bean and Chris Bornhort (corporate/securities), Ellie Kang and Brad Tartick (employment).
On December 31, 2021, Plantable, Inc. ("plantable®") announced the successful closing of its initial public offering of units at a price of C$0.40 per unit for gross proceeds of C$4.5 million. The offering was completed pursuant to the company's amended and restated (final) prospectus dated December 23, 2021 and filed with the securities commissions in the provinces of British Columbia, Alberta and Ontario.
Pursuant to the offering, each unit consists of one common share (being a "Common Share") in the capital of plantable® and one half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share (a "Warrant Share") at an exercise price of C$0.80 until 5:00 p.m. (PST) on December 31, 2023.
At the time of closing the Common Shares and Warrants Shares were conditionally approved for listing on the Neo Exchange (“NEO”), which confirmed approval of the listing on January 12, 2022.
Clarus Securities Inc. acted as sole agent and bookrunner in connection with the offering.
plantable® anticipates using the net proceeds from the offering for sales and marketing expenses, technology development, clinical trials and working capital purposes.
Further information can be found on NewsFile’s website.
plantable® is a lifestyle change program, clinically supported on its Foundational Results combining behavioral psychology, neuroscience and nutritional science to transform health and wellness. The company drives healthy weight loss and an improvement in performance, health and well-being, by bringing together plant-based meals, personalized coaching support and lifestyle tools to empower people to change their dietary habits.