Blender Bites Announces Debt Settlement and Warrant Adjustment
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Blender Bites Limited Announces Debt Settlement and Warrant Repricing
Blender Bites Limited (the “Company”, “Blender Bites” or “Blender”), (CSE: BITE, FWB: JL4, WKN: A3DMEJ), is pleased to announce that it has entered into debt settlement agreements with certain creditors of the Company. Under these agreements, the Company will issue a total of 550,456 common shares at a deemed price of $0.81 per share to resolve $445,869.75 of outstanding debt. This transaction, referred to as the “Shares for Debt Transaction,” will be subject to a hold period of four months and one day from the issuance date, complying with applicable securities legislation. The closure of the Shares for Debt Transaction is expected to take place five business days from this announcement.
Additionally, the Company proposes to amend the terms of its outstanding share purchase warrants, which total 504,144. The adjustments include:
Details of the Warrant Amendments
The Warrants were initially issued with the following details:
- Date Issued: June 22, 2023
- Initial Issue Price: $3.50
- Initial Exercise Price: $4.55
- Number of Warrants: 221,536
- Expiry Date: June 22, 2026
- Purpose: Brokered LIFE Financing
- Date Issued: October 31, 2023
- Initial Issue Price: $2.30
- Initial Exercise Price: $3.20
- Number of Warrants: 282,608
- Expiry Date: October 31, 2025
- Purpose: Non-brokered LIFE Financing
Subject to the consent of the Warrant holders, the exercise price of these Warrants will be reduced to $0.91 per share. In line with the Canadian Securities Exchange (CSE) regulations, the expiration of the Warrants will be shortened to thirty days if the closing price of the Company’s common shares on the CSE reaches $1.14 or more for ten consecutive trading days. This thirty-day countdown will start seven days following the price trigger, while all other terms will remain unchanged.
About Blender Bites
Blender Bites is a multi-award-winning Canadian company focusing on the development and marketing of premium frozen beverage products designed for convenience and functionality. Founded in 2017, Blender Bites quickly rose to prominence within the “easy smoothie” sector in North America. Committed to consumer health and convenience, the Company creates pre-portioned products that avoid plastic packaging. Its offerings include organic, non-GMO, gluten-free, dairy-free, and soy-free products infused with functional components such as whole food vitamins, collagen, and probiotics. The Blender Bites 1-Step Smoothies and 1-Step Frappes are now available in over 5,000 retail locations across Canada and the US, including major retailers like Walmart, Albertsons, HEB, Whole Foods, and Publix.
For any inquiries or further information, contact:
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email – chelsie@blenderbites.com
Telephone – 236-521-0626
For further information, contact Blender IR Team at:
Email – investors@blenderbites.com
Telephone – 1-888-997-2055
Media Contact – teamblenderbites@jonesworks.com
Frequently Asked Questions
1. What is the purpose of the debt settlement agreement by Blender Bites?
The debt settlement agreement aims to resolve outstanding debts by issuing common shares to creditors, thereby improving the Company’s financial health.
2. How many common shares will Blender Bites issue under the debt settlement?
Blender Bites will issue a total of 550,456 common shares to settle an aggregate amount of $445,869.75 in outstanding debt.
3. What change is Blender Bites making regarding its Warrants?
The Company is lowering the exercise price of its outstanding warrants to $0.91 per share while also potentially shortening the expiration period based on stock performance.
4. Where can Blender Bites products be purchased?
Blender Bites products are available in over 5,000 stores across Canada and the US, including retailers like Walmart, Albertsons, HEB, Whole Foods, and Publix.
5. How can investors contact Blender Bites for further information?
Investors can contact Blender Bites through the email: investors@blenderbites.com or via telephone at 1-888-997-2055 for further inquiries.
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