/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 24, 2021 /CNW/ - Pontus Protein Ltd. (TSXV:
HULK) (OTCQB: HLKKF) (FSE: 8YC) ("Pontus" or the
"Company") announces that it has completed the first tranche
of its previously announced $5,000,000 non-brokered private placement (the
"Offering"), as described in its news release dated
September 14, 2021, pursuant to which
it has issued an aggregate of 6,028,750 units (each, a
"Unit") at a price of $0.16
per Unit for aggregate gross proceeds of $964,600 (the "Initial Tranche"). Each
Unit consists of one common share in the capital of the Company
(each, a "Share") and one Share purchase warrant (each,
a "Warrant"), with each Warrant entitling the holder
thereof to acquire one additional Share (each, a "Warrant
Share") at a price of $0.30 per
Warrant Share for a period of 2 years from the closing date.
The proceeds from the Offering are expected to be used for
general working capital as well as to further fund the construction
of the Company's Surrey
facility.
The Company paid cash finder's fees of an aggregate of
$9,280 and issued an aggregate of
58,000 Warrants (each, a "Finder's Warrant") to certain
eligible finder's in connection with the closing of the Initial
Tranche. Each Finder's Warrant is exercisable into one Share at a
price of $0.30 per Share for a period
of two years from the closing date.
All securities issued in connection with the closing of the
Initial Tranche are subject to a statutory hold period expiring on
January 24, 2022.
None of the securities to be issued in connection with the
Offering will be or have been registered under the United States Securities Act of
1933, as amended (the "1933 Act"), and none may be
offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements of the 1933 Act. This press release
is being issued pursuant to Rule 135c of the 1933 Act and shall not
constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of the securities, in any state where
such offer, solicitation or sale would be unlawful.
About Pontus Protein Ltd.
Pontus Protein Ltd. is a Vancouver,
B.C. based agricultural technology company that will enable
millions to rethink their food choices while helping people do the
world a world of good. By offering sustainably grown plant based
food options that are nutritious and delicious, we're helping this
kind of diet become the norm.
Pontus is reinventing agriculture with their proprietary Closed
Environment Vertical Aquaponic System (CEVAS) – the farming of the
future. Pontus specializes in the indoor vertical farming of water
lentils that use 95% less water than traditional agriculture and no
pesticides or chemicals. Pontus is committed to solving the global
food crisis by providing access to sustainable indoor biosecure
pure plant based proteins. Pontus' water lentils can be harvested
every 24 hours, exceed organic certification, and can be grown in
any climate in a relatively small area. Our water lentil protein is
filled with antioxidants, minerals, vitamins and all the amino
acids, making a complete protein food source. Pontus aims to
revolutionize the plant based sector as the entire sector is
currently based on two main protein sources: soy and pea. Water
lentil protein is far superior to pea and soy protein. It contains
over 40% protein vs. 5-36% protein*, and Pontus aims to be the base
protein for plant based food products, leading to the movement
transitioning the world from meat based to plant based
proteins.
To learn more, please visit pontuswaterlentils.com.
*https://www.infood.net/visitor/collection/75?portion_size=100
On behalf of the Board of Directors
"Connor Yuen"
Connor Yuen, CEO
Pontus Protein Ltd.
Contact Information
For more information, please contact:
Connor Yuen Chief
Executive Officer
Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, the anticipated use of proceeds of
the Initial Tranche by the Company and Pontus' ability to
revolutionize the plant based sector and enable millions to rethink
their food choices. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements, including risks related to factors beyond the control
of the Company. These risks include, but are not limited to, the
following: the unknown magnitude and duration of the effects of the
COVID-19 pandemic, the failure of Pontus to receive TSX Venture
Exchange approval for the closing of the remainder of the Offering,
Pontus' inability to close further tranches of the Offering, the
failure of Pontus to receive the necessary approvals from the
Canadian Food Inspection Agency for its products and facilities,
the inability to complete Pontus' Surrey Facility, as well as other
general business, economic, or market related risks beyond the
director control of the Company and which may affect the Company's
business, operations, or products. No assurance can be given that
any of the events anticipated by the forward-looking statements
will occur or, if they do occur, what benefits the Company will
obtain from them. The Company undertakes no obligation to update
forward-looking information if circumstances or management's
estimates or opinions should change, unless required by law. The
reader is cautioned not to place undue reliance on forward-looking
information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accept responsibility for the adequacy or accuracy of
this release.
SOURCE Pontus Protein Ltd.
