VANCOUVER, British Columbia, Aug. 05, 2016 (GLOBE NEWSWIRE) -- GLOBAL GARDENS GROUP INC. (THE “COMPANY”) (CSE:VGM) is pleased to announce that it has closed a non-brokered private placement of 51,320,000 units at $0.10 per unit for gross proceeds of $5,132,000.
Each unit consists of one common share and one-half of one common share purchase warrant exercisable at $0.25 per share until August 4, 2018, provided that if the closing price of the Company’s shares on any stock exchange or quotation system on which the shares are then listed or quoted is equal to or greater than $0.30 for a period of 10 consecutive trading days, the Company will have the right to accelerate the expiry of the warrants by giving notice to the holders of the warrants that the warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 10 business days from the date notice is given.
In connection with the private placement, the Company paid a cash finder's fee to certain finders in the amount of 10% of gross proceeds raised.
The Company intends to use the proceeds of the private placement to market and sell the Veggemo shelf-stable product line in the United States, to add the refrigerated product line in Canada and for general working capital purposes. “We are thrilled to drive growth further by moving forward with the second phase of our launch roll-out plans,” states Rob Harrison President and CEO, Global Gardens Group Inc. Mr. Harrison continues “In a short time period Veggemo has connected with the health & wellness consumer in Canada. Customer feedback from U.S. trade shows has been fantastic thus the potential for Veggemo is substantial as dairy consumers continue to look for healthy milk alternatives.”
About Veggemo
The Veggemo product line is the first and only non-dairy beverage to originate from vegetables and is Global Garden Group’s (VGM) showcase product for the dairy-free industry. Veggemo is available in 3 variants: Original, Unsweetened and Vanilla flavors. The Dairy-free industry continues to witness dynamic growth led by the development of plant-based food and beverages.
Veggemo has received a multitude of awards and accolades from the health & wellness community. This includes being:
- Selected as one of the ten most innovative new products from 300 entrants at the 2015 Canada Grocery Innovation Show.
- One of three finalist brands from over 500 nominations for “Best New Beverage” for a coveted NEXTY Award at Natural Products Expo West in Anaheim which represents the largest health & wellness food & beverage show in North America with over 77,000 attendees.
- The winner as best new Vegan product by VegNews Magazine at the same Expo West trade show.
About Global Gardens Group
Global Gardens Group is comprised of a highly experienced management team and board that have provided senior leadership to many consumer brands including: Neilson Dairy, Ben & Jerry’s and Haagen Dazs Ice Cream, Gillette, P&G, Cadbury Schweppes, Sunkist, Dole, Primo Pasta and Lululemon.
For further information, please contact: Rob Harrison President & CEO Global Gardens Group Inc. T: 604.351.7609 E: rob@globalgardensgroup.com
