Province Brands of Canada, the beverage technology company behind a groundbreaking process for creating both (1) sugars for beverage fermentation (e.g. for brewing beer/ nonalcoholic beer) and (2) sugars tailored for sweetening food and beverage from just about any type of non-starch cellulosic plant material, today announced the execution of a Subscription Agreement for a CAD$25 million investment commitment from GEM Global Yield LLC SCS (“GEM”), the private alternative investment group.
Under the agreement, GEM will provide Province Brands with a Share Subscription Facility of up to CAD$25 million with a 36-month term provided that Province Brands’ common stock is listed on a major stock exchange. Province Brands will control the timing and maximum amount of drawdowns under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Province Brands of Canada’s shares, Province Brands will issue warrants to GEM to purchase up to 7.8% of the common stock of the company.
“We are excited to work with a world-class partner such as GEM. This partnership will support our plans to bring some really wonderful products to market,” said Jennifer Dianne Thomas, Province Brands of Canada’s Chief Executive Officer. “We anticipate that this equity facility will help us complete construction on our 123,000 SF facility in Grimsby, Ontario, and launch products using our first-of-its-kind intellectual property. We are now exploring ways to list our company’s shares so that we can take advantage of this equity facility should we choose to do so.”
Province Brands of Canada currently is exploring merger options with publicly listed companies. Following such a merger, the Share Subscription Facility would become available to the combined entity. Funds from the equity facility may be used to complete construction on Province Brands’ production facility and to fund the launch of premium lower-glycemic index, vegan and gluten-free plant-based sugars and beverages using Province Brands’ patent-pending technology for converting cellulosic plant materials such as agricultural byproduct into premium edible and fermentable sugars.
“YANDI FRESH” THC Cannabis Beverage
In preparation for expected product launches, Province Brands has submitted its Notice of New Cannabis Product to Health Canada for its “YANDI FRESH” brand of grapefruit-ginger seltzer with THC and submitted its notice to purchase to Ontario Cannabis Stores.
About Province Brands of Canada
Province Brands of Canada is a food and beverage technology and branded products company that has developed a suite of patented and patent-pending technologies enabling the creation of a better class of plant-based sugars and fermentable beverages.
About GEM
Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with offices in Paris, New York, and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 400 transactions in 70 countries. or more information: http://www.gemny.com
