/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, B.C., March 3, 2022 /CNW/ - Pontus Protein Ltd. (TSXV:
HULK) (OTCQB: HLKKF) (FSE: 8YC) ("Pontus" or the
"Company") is pleased to announce a non-brokered private
placement (the "Offering") consisting of a minimum of
3,125,000 and maximum of 12,500,000 units of Pontus (each, a
"Unit") at a subscription price of $0.16 per Unit for gross proceeds of a minimum of
$500,000 and a maximum of
$2,000,000
(the "Offering"), pursuant to which Pontus has closed
an First Tranche of 3,947,250 Units for total gross proceeds of
$631,560 (the "First
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, including those from the First
Tranche, are expected to be used for general working capital as
well as to further fund the construction of the Company's
Surrey facility.
All securities issued in connection with the Offering, including
those under the First Tranche, are subject to a statutory hold
period of four months and one day for the date of their respective
issuance. No finder's fees were paid in connection with the closing
of the First Tranche, however such fees may be payable in
connection with the remainder of the Offering in accordance with
the policies of the TSX Venture Exchange
(the "Exchange"). The completion of additional tranches
of the Offering are subject to the approval of the Exchange.
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.
On behalf of the Board of Directors
"Connor Yuen"
Connor Yuen, CEO
Pontus Protein Ltd.
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 Offering, including those from the First Tranche, 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 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.