EAT & BEYOND COMPLETES THE ACQUISITION OF 50% SHARES OF PURPOSE ESG HOLDINGS INC.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, May 22, 2023 (GLOBE NEWSWIRE) — Eat & Beyond Global Holdings Inc. (CSE: EATS) (OTCPK: EATBF) (FSE: 988) (“Eat & Beyond” or the “Company”), an investment issuer focused on the global plant-based and alternative protein sector, is pleased to announce, further to its news release of April 26, 2023, that the Company has completed the acquisition of 50% of the issued and outstanding securities in the capital of Purpose ESG Holdings Inc. (“Purpose ESG”) pursuant to the terms and conditions of a securities exchange agreement dated April 26, 2023 (the “Definitive Agreement”) among the Company, Purpose ESG, the shareholders and warrant holders of Purpose ESG (the “Transaction”).
Pursuant to the terms of the Definitive Agreement and in consideration for 50% of the issued and outstanding securities in the capital of Purpose ESG, Eat & Beyond has issued an aggregate of 6,176,250 common shares of Eat & Beyond (the “Payment Shares”) to Purpose ESG shareholders at a deemed price of $0.25 per Payment Share and issued 3,796,870 common share purchase warrants (“Replacement Warrants”). Each Replacement Warrant permits the holder thereof to acquire one common share in the capital of Eat & Beyond (a “Share”) at $0.10 per Share, which is the same exercise price of the original warrant surrendered for cancellation and the expiration date for each Replacement Warrant is the same date as the expiration date of such original warrant, being 24 months from the date of issuance of the original warrant. There is no hold period for the Payment Shares or the Replacement Warrants pursuant to applicable securities laws.
The Transaction is an arms-length transaction and there is no change in management or the Board of Directors of Eat & Beyond.
About Purpose ESG
Purpose ESG is a private company existing under the laws of the Province of British Columbia and an investment issuer with a portfolio focused on environmental, social, and governance (ESG) outcomes, with a focus on electrification, food tech, hydrogen power, carbon capture, and technologies supporting the circular economy. Purpose ESG provides its investors with the opportunity to participate in the growth of a portfolio of breakthrough technologies and value chain solutions with market leadership potential. Purpose ESG works closely with its portfolio companies to drive their growth and success, ultimately working to build a smarter, cleaner, and more sustainable future. Learn more: https://purposeesg.com/.
About Eat Beyond
Eat Beyond is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply.
Learn more: https://eatbandeyond.com/
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The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this press release.
For further information: For further information, please contact Michael Aucoin at [email protected] or (604) 416-4099.