Boosh Announces the Granting of a Management Cease Trade Order

Rhea-AI Summary

Boosh Plant-Based Brands Inc. announced that the British Columbia Securities Commission has granted a management cease trade order (MCTO) due to a delay in filing financial statements. The MCTO restricts trading for the CEO and CFO until the filings are submitted. The company has settled C$950,000 in debt by issuing 19,000,000 Common Shares.

Positive

• The company settled C$950,000 in debt by issuing 19,000,000 Common Shares, improving its balance sheet.

Negative

• The management cease trade order (MCTO) restricts the CEO and CFO from trading until financial filings are submitted.

Vancouver, British Columbia--(Newsfile Corp. - August 1, 2023) - Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTCQB: VGGIF) (FSE: 77I) ("Boosh" or the "Company") announced today that its principal regulator, the British Columbia Securities Commission, has granted a management cease trade order (the "MCTO").

As previously announced on July 17, 2023 (the "Announcement"), the Company applied for the MCTO due to a delay in the filing of the Company's audited consolidated financial statements for the year ended March 31, 2023, annual management's discussion and analysis for the same period, and the management certifications of annual filings (collectively, the "Filings"). The MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and issue bi-weekly default status reports for so long as the delay in filing the Filings continues, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.

The Company also announced today that it has settled a combined total of C$950,000 in debt owed to creditors via the issuance of 19,000,000 Common Shares. The Company is settling the indebtedness through the issuance of Shares to preserve cash and improve the Company's balance sheet.

Connie Marples
Founder/CEO
hello@booshfood.com
www.Booshfood.com

About Boosh Plant-Based Brands Inc.:

Boosh Plant-Based Brands Inc., through its wholly owned subsidiary, Boosh Food (www.booshfood.com) offers high quality, non-GMO, gluten free, 100% plant-based nutritional comfort foods for the whole family. Through a separate subsidiary, Beautiful Beanfields, (www.beanfields.com) the Company owns Beanfields, a plant-based chip brand sold in over 7,000 stores throughout North America. Boosh, good for you and good for planet earth.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Company's expectations concerning the size of the Financing, its ability to close the Financing in whole or in part or at all and its plan for the proceeds of the Financing. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175653

FAQ

What is the MCTO?

The MCTO is a management cease trade order issued by the British Columbia Securities Commission due to a delay in filing financial statements.

What does the MCTO restrict?

The MCTO restricts trading for the CEO and CFO of the company.

How did the company settle its debt?

The company settled C$950,000 in debt by issuing 19,000,000 Common Shares.

What is the purpose of issuing Common Shares?

Issuing Common Shares helps improve the company's balance sheet and preserve cash.