NextGen Food Robotics Announces Closing of $1 Million Private Placement

Rhea-AI Summary

NextGen Food Robotics Corp. has closed its non-brokered private placement financing, raising $1,089,650 through the issuance of 3,515,000 units. Each unit consists of one common share and one half of one purchase warrant. The company plans to use the net proceeds for capital expenditures, business development, marketing, and general working capital.

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VANCOUVER, BC / ACCESSWIRE / June 15, 2023 / NextGen Food Robotics Corp. (the "Company" or "NextGen") (NEO:NGRB); (OTC PINK:NGRBF); (Frankfurt:O83) is pleased to announce it has closed its previously announced non-brokered private placement financing (the "Offering") of units (each, a "Unit") of the Company through the issuance of 3,515,000 Units at a price of $0.31 per Unit, for gross proceeds of $1,089,650. Each Unit is comprised of one common share (a "Share") and one half of one purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one (1) Share (a "Warrant Share") at a price of $0.40 for a period of 12 months from the date of issuance.

In connection with the Offering, the Company paid a cash fee of $64,439 and issued a total of 207,050 non-transferable finder warrants (each, a "Finder Warrant") to certain finders. Each Finder Warrant entitles the holder thereof to purchase one Share at a price of $0.40 for a period of 12 months from the date of issuance.

Paul Rivas, CEO of NextGen, commented: "We would like to thank all of our investors for believing in us as we continue to expand and build upon our success."

The Company plans to allocate the net proceeds from the Offering towards capital expenditures, business development, marketing, and general working capital.

All securities issued in connection with the Offering will be subject to a four-month and one-day statutory hold period in accordance with applicable securities laws.

The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

About NextGen Food Robotics

Nextgen Food Robotics is an automated robotic food co-packer and manufacturer that uses technology to modernize its food manufacturing processes. Additionally, Nextgen is developing the "Lily app", which is an AI-powered food application.

For investor inquiries or further information, please contact:

Paul Rivas, Chief Executive Officer
1 (236) 471-1357
privas@originalholycow.com

Cautionary Note on Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions and in this news release include statements respecting: the Offering and the intended use of proceeds from the Offering. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.

Neither the NEO Exchange nor its Market Regulator (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: NextGen Food Robotics Corp.

View source version on accesswire.com:
https://www.accesswire.com/761636/NextGen-Food-Robotics-Announces-Closing-of-1-Million-Private-Placement

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is NextGen Food Robotics Corp.

What type of financing did NextGen close?

NextGen closed a non-brokered private placement financing.

How much did NextGen raise through the financing?

NextGen raised $1,089,650 through the financing.

What does each unit consist of?

Each unit consists of one common share and one half of one purchase warrant.

What are the planned uses for the net proceeds?

The net proceeds will be used for capital expenditures, business development, marketing, and general working capital.