Billy Goat Brands’ Investee FunGuys Beverages to Participate In TerraCycle’s LOOP Platform - Seite 2

Given that FunGuys is committed to curbing the use of single-use packages that are contributing daily to the degradation of the oceans, it is strongly aligned with the Company and its focus on the blue economy. GOAT is providing FunGuys with growth capital and go-to-market strategies in order to expand its product offering and increase the value of the business.

Management Commentary

"FunGuys’ qualification to participate under the LOOP program is a significant milestone for the business, both from a strategic perspective as well as from a values standpoint. GOAT is committed to helping FunGuys realize its vision of becoming a market-leading cold brewed coffee business. This initiative will enable us to access an established and broad retail network across North America and potentially Europe for the KOLD line of products, which we expect to be materially beneficial for the company,” said Tony Harris, Chief Executive Officer and Chairman of Billy Goat Brands. “FunGuys’ choice to adopt multi-use bottles and adhere to LOOP’s design guidelines for all of its products is a true demonstration of leadership in modern business. I am proud of FunGuys’ for being a core component of GOAT’s portfolio of investee companies that are focused on the blue economy and benefitting the environment overall,” added Mr. Harris.

RSUs and Options

The Company recently issued 2,800,000 restricted share units (“RSU”) to consultants under the Company’s restricted share unit plan (“RSU Plan”). The RSUs vest four months from the date of issuance and shall grant the holder the ability to acquire one common share of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan. In accordance with the RSU Plan, the RSUs were priced at $0.25 based on the closing price of the common shares on the Canadian Securities Exchange on October 13, 2021.

GOAT also issued 387,500 options on October 13, 2021 to consultants in accordance with the Company's stock option plan. Each option entitles the holder to purchase one common share of the Company at a strike price of $0.25 for a period of five years from the date on which the option was granted. The vesting schedule for the options is such that 50% vest after four months of being granted while the remainder vest after six months of being granted.