Wildpack Provides Update Regarding Warrant Issuance to Sandton Capital Partners

Rhea-AI Summary

Wildpack Beverage Inc. (CANS) announces the approval of warrants to its lender, Sandton Capital Solutions Master Fund V, LP, exercisable into 5.625% equity of its subsidiary, Thirsty Cat LLC, replacing the previously granted option to acquire outstanding common shares. The company's CEO, Mitch Barnard, terminated and cancelled the option, resulting in this significant development.

VANCOUVER, BC / ACCESSWIRE / December 1, 2023 / Wildpack Beverage Inc. (TSXV:CANS)(OTC Pink:WLDPF) ("Wildpack" or the"Company"), a leading middle market co-packer in the US of canned goods announces that, further to its news release dated October 11, 2023 announcing the closing of an amendment to its term loan with Sandton Capital Solutions Master Fund V, LP (the "Lender"), an affiliate of Sandton Capital Partners, L.P. ("Sandton"), the Company has obtained the approval of the TSX Venture Exchange for the grant of warrants (the "Warrants") to the Lender. The Warrants are exercisable into 5.625% of the equity of the Company's wholly owned subsidiary, Thirsty Cat LLC, which holds substantially all the assets of the Company, at a nominal exercise price.

The grant of the Warrants supersedes the grant by Mitchell Barnard, Chief Executive Officer of Wildpack, to the Lender of an option (the "Option") to acquire at nominal value his outstanding Common shares of the Company, being an aggregate of 3,546,753 Common shares, inclusive of 1,687,500 Common shares which may be issuable upon the vesting of restricted share units held by Mitchell Barnard. As a result of the grant of the Warrants, the Option has been terminated and cancelled.

Per: "Mitch Barnard"

Mitch Barnard
Chief Executive Officer and Director

For further information, please contact us at:
invest@wildpackbev.com

or

Elijah Clare
Vice President, Investor Relations
elijah@wildpackbev.com

Advisors

Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.

Visit our investor website at:

https://investor.wildpackbev.com

About Wildpack

Wildpack provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, sleeve/label printing services, and logistics to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of six facilities in Baltimore, Maryland; Grand Rapids, Michigan; Atlanta, Georgia; Longmont, Colorado; Sacramento, California; and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on the TSX Venture Exchange under the symbol "CANS" on May 19, 2021.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Wildpack Beverage Inc.

View source version on accesswire.com:
https://www.accesswire.com/812432/wildpack-provides-update-regarding-warrant-issuance-to-sandton-capital-partners

FAQ

What did Wildpack Beverage Inc. (CANS) announce?

Wildpack Beverage Inc. (CANS) announced the approval of warrants to its lender, Sandton Capital Solutions Master Fund V, LP, exercisable into 5.625% equity of its subsidiary, Thirsty Cat LLC, replacing the previously granted option to acquire outstanding common shares.

Who is the lender involved in this announcement?

The lender involved in this announcement is Sandton Capital Solutions Master Fund V, LP, an affiliate of Sandton Capital Partners, L.P.

What action did the CEO of Wildpack Beverage Inc. take regarding the previously granted option?

The CEO of Wildpack Beverage Inc., Mitch Barnard, terminated and cancelled the previously granted option to acquire outstanding common shares, replacing it with the approval of warrants to the lender.

How can the warrants be exercised and what percentage of equity do they represent?

The warrants can be exercised into 5.625% of the equity of Wildpack Beverage Inc.'s wholly owned subsidiary, Thirsty Cat LLC.