Related Party Transaction
VERY GOOD today also announced that it has entered into loan agreements with its Chief Executive Officer, Mitchell Scott, and its Chief Research & Development Officer, James Davison, to provide individual loans in the amounts of C$750,000 and C$500,000 to Mitchell and James, respectively (collectively, the “Loans”). The Loans were provided to enable them to meet certain personal financial obligations in respect to their residential homes. The Loans have an initial limited term of 90 days, subject to extension, at the sole discretion of the Company. To facilitate early repayment of the Loans, Mitchell and James may prepay the Loans at any time prior to maturity without penalty. The Loans bear interest at a rate of 9% per annum, payable monthly, and will be secured by certain financial assets commencing on January 18, 2022.
About The Very Good Food Company Inc.
The Very Good Food Company Inc. is an emerging plant-based food technology company that produces nutritious and delicious plant-based meat and cheese products under VERY GOOD’s core brands: The Very Good Butchers and The Very Good Cheese Co. www.verygoodfood.com
OUR MISSION IS LOFTY, BADASS BUT BEAUTIFULLY SIMPLE: GET MILLIONS TO RETHINK THEIR FOOD CHOICES WHILE HELPING THEM DO THE WORLD A WORLD OF GOOD. BY OFFERING PLANT-BASED FOOD OPTIONS SO DELICIOUS AND NUTRITIOUS, WE’RE HELPING THIS KIND OF DIET BECOME THE NORM.
Forward-Looking Information
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws, for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking statements and information may be identified by words such as “plans”, “proposed”, “expects”, “anticipates”, “intends”, “estimates”, “may”, “will”, and similar expressions. Forward-looking statements contained or referred to in this news release includes statements relating, but not limited to, the increase in popularity of meat alternatives and their continued growth and position within the food industry, consumers’ increased demand for plant-based meats and the reasons therefor, the appeal and attributes of the Company’s products including taste and nutritional content, the upcoming release of additional Holiday Boxes before the festive season and the terms of the Loans. These forward-looking statements are based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to, material assumptions with respect to the continued strong demand for VERY GOOD’s products, continued growth of the popularity of meat alternatives and the plant-based food industry, the availability of sufficient financing on reasonable terms to fund VERY GOOD’s capital and operating requirements, the successful placement of VERY GOOD’s products in retail stores and continued
e-Commerce growth, VERY GOOD’s ability to successfully enter new markets and manage its international expansion, VERY GOOD’s ability to increase production capacity and obtain the necessary production equipment, the availability of labour as well as the accuracy of construction schedules and cost estimates for the commissioning of production lines at VERY GOOD’s Rupert and Patterson facilities and the timely receipt of required permits, VERY GOOD’s relationship with
