VANCOUVER, BC. — Nabati Foods plans to go public following a $7.7 million private placement and restructuring to become Nabati Foods Global Inc., with new corporate headquarters in Vancouver.
Nabati Foods Global Inc. announced it completed the acquisition of all the issued and outstanding securities of Nabati Foods Inc. It also completed a private placement of more than 15 million special warrants, at a price of 50¢, for total proceeds of $7.7 million.
The offering is being carried out by the company prior to making an application to obtain a listing on the Canadian Stock Exchange. The net proceeds of the offering will be used to fund the company’s proposed go-public transaction as well as for Nabati’s business development, working capital, plant expansion and to purchase equipment to expand production capacity and develop new product lines.
“We are very pleased with the interest we have received,” said Ahmad Yehya, chief executive officer of Nabati. “Our team has put in the legwork to build a company with the highest quality plant-based products, and that commitment to quality is starting to pay off, with demand exploding over the past year. This financing puts Nabati in an even more robust position to expand our production capacity to meet growing demand from grocery, foodservice and industrial customers, while also supporting product development and innovation.”
Nabati is an Edmonton, Alta.-based food technology company offering plant-based cheesecakes, cheese alternatives and chicken and fish analogues throughout North America. Its products are certified gluten-free, dairy-free, egg-free, refined sugar-free, non-GMO, certified kosher and certified vegan.
“The company is in a secure place and teeing up for an impressive 2021 and beyond with this private placement being the latest leading indicator,” said Don Robinson, executive chairman at Nabati and former CEO of Mars Canada. “We look forward to expanding the company’s footprint throughout North America and eventually into Europe, commensurate with the demonstrated interest from investors and customers.”