Rritual Superfoods prices $5.22M IPO, to commence trading on CSE
Ryan Allway
March 2nd, 2021
News
Rritual Superfoods Inc. has obtained a receipt for its final prospectus in connection with its proposed initial public offering (IPO). Rritual will issue 17,391,305 units at a price of $0.30 per unit for gross proceeds of $5,217,391.50 or $6,000,000 if the over-allotment option is exercised in full.
The offering is being underwritten by Clarus Securities Inc. and Canaccord Genuity Corp. Clark Wilson LLP is acting as legal counsel to Rritual and Borden Ladner Gervais LLP is acting as legal counsel to the underwriters.
The Canadian Securities Exchange (CSE) has conditionally approved the listing of Rritual common shares and the warrants, subject to fulfilling customary CSE listing requirements.
The closing of the offering is expected to occur on or about March 3, 2021, subject to customary closing conditions, at which point it is anticipated the common shares and the warrants will commence trading on the CSE.
Upon closing of the offering and assuming full exercise of over-allotment option, Rritual Superfoods will have 59,963,083 common shares issued outstanding with effective valuation of approximately $18 million based on the offering price.
Rritual was formed to serve the emerging and rapidly growing functional mushroom market and to promote holistic health and wellness. The company specializes in the formulation and distribution of plant-based products in small batches featuring functional mushrooms and adaptogen ingredients. Its natural and organic elixirs are powered by scientifically-proven super ingredients that help navigate the mental, emotional, and physical challenges of modern lifestyle and help find the balance that’s been missing.
photo credit: Rritual Superfoods
News Release
Rritual Superfoods Announces Pricing of Initial Public Offering
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, March 2, 2021 – Rritual Superfoods Inc. (“Rritual” or the “Company”) announced today that it has 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 has entered into an underwriting agreement for an initial public offering of securities of the Company (the “Offering”). The Offering is 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, subject to an acceleration provision. On closing of the Offering, the Warrants will be issued pursuant to the terms of a warrant indenture to be entered into between the Company and a warrant agent. Pursuant to the Offering, Rritual will issue an aggregate of 17,391,305 Units at a price of $0.30 per Unit, for total gross proceeds of $5,217,391.50. The underwriters of the Offering have also been granted an over‐allotment option (the “Over‐Allotment Option”) to purchase up to an additional 2,608,695 Units at a price of $0.30 per Unit for additional gross proceeds of $782,608.50 if the Over‐Allotment Option is exercised in full. The Over‐Allotment Option can be exercised for a period of 30 days from the closing date.
The Final Prospectus also qualifies the distribution 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”), issuable for no additional consideration upon the automatic deemed conversion on February 26, 2021 of unsecured convertible promissory notes of the Company, as amended (the “Convertible Notes”), in the aggregate principal amount of $950,402, plus applicable interest, at a 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.
The Offering is being underwritten by Clarus Securities Inc. and Canaccord Genuity Corp. (the “Underwriters”).
Clark Wilson LLP is acting as legal counsel to Rritual and Borden Ladner Gervais LLP is acting 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. The closing of the Offering is expected to occur on or about March 3, 2021, subject to customary closing conditions, at which point it is anticipated the Common Shares and the Warrants will commence trading on the CSE.
A copy of the Final Prospectus for the Offering is available on SEDAR at www.sedar.com.
No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account of benefit of, U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act), except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.
About Rritual
Rritual Superfoods Inc. offers a range of plant-based elixirs to fit every lifestyle. Our natural and organic elixirs are powered by scientifically-proven super ingredients that help navigate the mental, emotional, and physical challenges of modern lifestyle and help find the balance that’s been missing. Under the executive leadership with over 100 years of CPG pedigree, Rritual is launching in North America as the company positions itself as a leader in the functional health and wellness industry. Rritual’s superfood elixirs can be found online at www.rritual.com.
Follow Rritual on Twitter, LinkedIn, Facebook, and Instagram.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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