Canada: Zoglo’s Incredible Food Corp prepares for listing

The plant-based meat company has issued a prospectus in Ontario and British Columbia and applied to list its common shares on the Canadian Securities Exchange

Vaughan, Ontario-headquartered Zoglo’s Incredible Food Corp has closed a $6.75 million non-brokered private placement, completed the acquisition of Zoglo’s Incredible Food (Zoglo’s Sub), and filed prospectus with the Ontario Securities Commission as it prepares for public listing.

For more than 25 years Eat Beyond portfolio company Zoglo’s has produced kosher, plant-based food.

On 22 March, the company closed a non-brokered private placement of 27 million subscription receipts at a price of $0.25 each for gross proceeds of $6.75 million.

The following day the company completed the acquisition of all the issued and outstanding securities of Zoglo’s Sub. In consideration for the acquisition, the company issued an aggregate of 64 million shares to the shareholders of Zoglo’s Sub on a pro rata basis at a deemed price of $0.25 each The company also issued three million restricted stock units to a former director of Zoglo’s Sub and assumed the obligation of Zoglo’s Sub to pay an aggregate of $5 million to an arm’s length party over a 36-month period.

On 6 April, the company filed a preliminary non-offering long form prospectus in Ontario and British Columbia and applied to list its common shares on the Canadian Securities Exchange.

Zoglo’s chief executive Anthony Morello said: “We are thrilled to achieve these milestones and continue our journey to be listed among some of the world’s leading plant-based food companies. We are excited about our opportunities for expansion and growth in this promising industry.”