Nepra Foods Inc. Completes Oversubscribed $7.47 Million Initial Public Offering

VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Nepra Foods Inc. (CSE:NPRA) (the "Company" or "Nepra") a creator of nutritious plant based and allergen-free food is pleased to announce the successful completion of the Company's initial public offering (the "IPO") of 15,903,465 common shares (the "Offered Shares") at a price of $0.47 per Offered Share for total gross proceeds of $7,474,629, which included 2,073,678 Offered Shares from the exercise of the over-allotment option.

The IPO was conducted through Canaccord Genuity Corp. as the sole agent (the "Agent") and its selling group. As partial compensation to the Agent, the Company has issued to the Agent, or as directed by the Agent, 898,889 non-transferable compensation options (the "Compensation Options") with each Compensation Option exercisable into one common share in the capital of the Company at an exercise price of $0.47 per common shares for a period of 24 months from today. In addition, the Agent received a fee equal to 6.0% of the gross proceeds of the IPO from subscribers other than those on the President's List and a fee equal to 2.0% of the gross proceeds of the IPO received from the President's List subject to a maximum of $650,000 of gross proceeds subscribed for by such President's List purchasers. Furthermore, the Agent received a corporate finance fee equal to 4.0% of the aggregate number of Offered Shares resulting in the Company issuing 636,138 common shares to the Agent upon closing of the IPO.

The Offered Shares were listed on the Canadian Securities Exchange (the "CSE"), effective Wednesday, September 15, 2021 and begins trading today, Monday, September 20, 2021, under the trading symbol "NPRA" on the CSE.

McMillan LLP acted as counsel to the Company and Bennett Jones LLP acted as counsel to the Agent.

"The enthusiasm we are seeing from the investor community with the launching of our IPO confirms our beliefs that the evolution the food industry is seeing away from animal-based proteins is not merely a short-term fad, but a long-term global trend. The key will be providing consumers with very nutritious, satisfying foods with great tastes and textures. The proceeds from this IPO is expected to accelerate our expansion into consumer products using our innovative ingredients," said Nepra's CEO, David Wood.