Blender Bites Limited Announces Debt Settlement and Warrant Repricing
Blender Bites Limited (referred to as the “Company,” “Blender Bites,” or simply “Blender”) (CSE: BITE, FWB: JL4, WKN: A3DMEJ) is excited to share that it has reached debt settlement agreements with several of its creditors. As part of these agreements, the Company will issue a total of 550,456 common shares at a deemed price of $0.81 per share to settle $445,869.75 in outstanding debt. This arrangement, known as the “Shares for Debt Transaction,” will be subject to a hold period of four months and one day from the issuance date, in accordance with applicable securities laws. The closing of the Shares for Debt Transaction is anticipated to occur within five business days following this announcement.
In addition, the Company is looking to amend the terms of its existing share purchase warrants, which total 504,144. The proposed changes are detailed below:
Details of the Warrant Amendments
The Warrants were originally issued with the following specifications:
- 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
With the consent of the Warrant holders, the exercise price for these Warrants will be reduced to $0.91 per share. Additionally, in compliance with the Canadian Securities Exchange (CSE) regulations, the expiration period for 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 higher for ten consecutive trading days. This thirty-day countdown will commence seven days after the price trigger, while all other terms will remain unchanged.
About Blender Bites
Blender Bites is a celebrated Canadian company dedicated to creating and marketing premium frozen beverage products that prioritize convenience and functionality. Established in 2017, Blender Bites quickly gained recognition in the “easy smoothie” market across North America. With a strong commitment to consumer health and convenience, the Company produces pre-portioned items that minimize plastic packaging. Their product range includes organic, non-GMO, gluten-free, dairy-free, and soy-free options infused with functional ingredients such as whole food vitamins, collagen, and probiotics. The Blender Bites 1-Step Smoothies and 1-Step Frappes are now available at over 5,000 retail locations throughout Canada and the US, including major retailers like Walmart, Albertsons, HEB, Whole Foods, and Publix.
For any inquiries or additional information, please reach out to:
Blender Bites Limited
Chelsie Hodge, Chief Executive Officer
Email – chelsie@blenderbites.com
Telephone – 236-521-0626
For further information, contact the 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 is designed to clear outstanding debts by issuing common shares to creditors, thereby enhancing the Company’s financial stability.
2. How many common shares will Blender Bites issue under the debt settlement?
Blender Bites plans to issue a total of 550,456 common shares to address an aggregate of $445,869.75 in outstanding debt.
3. What changes is Blender Bites making regarding its Warrants?
The Company is reducing the exercise price of its outstanding warrants to $0.91 per share and may also shorten the expiration period based on stock performance.
4. Where can Blender Bites products be purchased?
Blender Bites products are available in over 5,000 retail locations across Canada and the US, including well-known retailers like Walmart, Albertsons, HEB, Whole Foods, and Publix.
5. How can investors contact Blender Bites for further information?
Investors can reach out to Blender Bites via email at investors@blenderbites.com or by calling 1-888-997-2055 for any further inquiries.