VANCOUVER, British Columbia, July 21, 2022 (GLOBE NEWSWIRE) — Simply Better Brands Corp. (the “company” or “Simply better brands“) (TSX Venture: SBBC) (OTCQB: PKANF) is pleased to announce that it intends to complete a proposed non-brokered private placement (the “CD offer’) of secured convertible debentures (the ‘convertible bonds’) for aggregate gross proceeds of up to $9,100,000.

Each convertible debenture becomes due on the date which is 24 months (the “due date“) from the conclusion of the ‎CD offer and bears interest at an annual interest rate of 8.0% pa. Interest is payable quarterly up to the Maturity Date and is subject to the prior approval of the TSX Venture Exchange (the “TSXV”), such interest may be converted into common stock at the greater of (i) the 15 Dealing Day VWAP on each such applicable payment date or (ii) the market price of the common stock.

The convertible debentures are, at the option of the holder, ‎‎(„common shares“) at a ‎conversion price of $0.39 per common share (the ‎‎”conversion price“)‎. The Company may enforce conversion of the convertible debentures if the volume weighted average price of the common shares on the TSX Venture Exchange (the “TSXV) is greater than USD 1.00 for five (5) consecutive trading days. The convertible debentures are secured by general security agreements over all of the Company’s present and future property.

The Company is also pleased to announce that it intends to complete a proposed non-brokered private placement of common shares (the “Common Stock Offering‘) of up to 11,016,949 common shares at a price of $0.295 per common share for aggregate gross proceeds of up to $3,250,000.

The Company intends to use the net proceeds of the CD Offering and the Common Stock Offering (collectively, the “Offers“) to the…