Nabati Foods
GENERAL DEVELOPMENT OF THE BUSINESS
The Company was incorporated on December 10, 2020, under the BCBCA for purpose of undergoing a transaction to become a reporting issuer and to list on a Canadian stock exchange. See “Description of the Business”.
On January 14, 2021, Nabati Foods issued 7,000,000 units at a price of $0.005 per unit as part of a seed round financing for aggregate proceeds of $35,000 (the “Seed Financing”). Each unit consisted of one Common Share and one common share purchase warrant with each warrant exercisable to acquire one additional Common Share at a price of $0.05 per share until January 14, 2023.
On January 19, 2021, as amended February 3, 2021 and March 3, 2021, Nabati Foods entered into the Securities Exchange Agreement.
On February 16, 2021, Nabati Foods issued a total of 323,000 Special Warrants at the $0.05 Offering Price pursuant to the Offering for aggregate gross proceeds of $