Rritual Superfoods Announces Closing of Initial Public Offering
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VANCOUVER, British Columbia, March 05, 2021 (GLOBE NEWSWIRE) -- Rritual Superfoods Inc. (“Rritual” or the “Company”) (CSE: RSF; RSF.WT) announced that it has closed its previously announced initial public offering and raised total gross proceeds of $6,000,000.
On February 26, 2021, the Company obtained a receipt for its final prospectus (the “Final Prospectus”) filed with the securities regulatory authorities in each of the provinces of Canada (other than Québec) and entered into an underwriting agreement for an initial public offering of securities of the Company (the “Offering”). The Offering was underwritten by Clarus Securities Inc. and Canaccord Genuity Corp. (the “Co-Lead Underwriters”). The Offering was comprised of units (the “Units”) with each Unit consisting of one common share of Rritual (a “Common Share”) and one-half Common Share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder to purchase one Common Share of Rritual at a price of $0.60 per Common Share for a period of 36 months from the closing of the Offering, subject to an acceleration provision. Pursuant to the Offering, Rritual issued an aggregate of 20,000,000 Units at a price of $0.30 per Unit, for total gross proceeds of $6,000,000, which included the full exercise of an over-allotment option granted to the Co-Lead Underwriters.
Following the receipt for the Final Prospectus, an aggregate of 3,183,083 convertible note units (each a “Convertible Note Unit”), consisting of an aggregate of 3,183,083 Common Shares and 1,591,528 non-transferable Common Share purchase warrants (each, a “Convertible Note Unit Warrant”), converted as of February 26, 2021 at a deemed price of $0.30 per Convertible Note Unit. Each Convertible Note Unit Warrant is exercisable for one Common Share at price of $0.60 each for a period of 24 months from the date of issuance of the Convertible Notes.
Clark Wilson LLP acted as legal counsel to Rritual and Borden Ladner Gervais LLP acted as legal counsel to the Underwriters.
The Canadian Securities Exchange (“CSE”) has conditionally approved the listing of the Common Shares and the Warrants, subject to fulfilling customary CSE listing requirements. It is anticipated the Common Shares and the Warrants will commence trading on the CSE on Monday, March 8, 2021.