Holy Cow! Announces Closing of Initial Public Offering and Listing on NEO Exchange

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, BC / ACCESSWIRE / March 14, 2022 /Holy Cow Foods Inc. (NEO:HOLY) ("Holy Cow" or the "Company") is pleased to announce that it has closed its initial public offering (the "Offering") of units of the Company (each, a "Unit") at a price of $0.50 (the "Offering Price") per Unit for gross proceeds of $1,838,500. Pursuant to the agency agreement dated December 14, 2021 (the "Agency Agreement"), Research Capital Corporation (the "Agent") acted as sole agent in respect of the Offering.

Details of the Offering

The Offering was completed pursuant to the Company's long-form final prospectus dated December 14, 2021 (the "Prospectus") and filed with the securities commissions in the Provinces of British Columbia, Alberta, and Ontario, a copy of which is available under the Company's profile on SEDAR at www.sedar.com.

Each Unit consists of one common share in the capital of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one Common Share (a "Warrant Share") at an exercise price of $0.75 per Warrant Share until March 14, 2024.

In connection with the Agent's services under the Agency Agreement, the Agent received a cash commission of $147,080, being 8% of the gross proceeds from the Offering, and 294,160 compensation options (the "Agent's Options"), being 8% of the number of Units sold under the Offering, in addition to a corporate finance fee and reimbursement of certain expenses. Each Agent's Option is exercisable into one unit of the Company having the same terms as a Unit at an exercise price of $0.50 until March 14, 2024.

The Company intends to use the net proceeds of the Offering as disclosed in the Prospectus for, among other things: increasing sales and expanding production of the Company's products; developing the Company's commissary kitchen business; general and administrative costs; covering expenses related to the Offerings; and general working capital.

NEO Listing

The Company is also pleased to announce that it has received final approval to list the Common Shares on the NEO Exchange Inc. (the "NEO") and is expected to trade under the symbol "HOLY".

Paul Rivas, the CEO of Holy Cow, stated: "The completion of our IPO and listing on the NEO Exchange, Canada's leading-edge stock exchange, is a major milestone in Holy Cow's mission to revolutionize the food industry. Holy Cow's goal is to be a leader in the transitional segment of the plant-based foods market, as well as a cornerstone of the food and restaurant industry with our ghost kitchen, commissary kitchen, and private label co-packing and manufacturing offerings, and the completion of our IPO will allow us to make strides towards those goals. We are thrilled to grow our brand and the original concept of offering comprehensive services to the food industry under one roof, and we are particularly excited to do so with the NEO Exchange."

About Holy Cow

Holy Cow is a multi-division food manufacturing operation that offers Ghost Kitchens, Commissary Kitchens, Co-pack Manufacturing and Private Label Manufacturing, as well as its own Holy Cow! brand of in-house plant-based and 50/50 products.

About the Neo Exchange Inc.

The NEO is Canada's Tier 1 stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, the NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO lists companies and investment products seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.

Cautionary Note on Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements in this press release include statements relating to: (i) the use of proceeds of the Offering, (ii) the completion and timing of the listing on the NEO, (iii) the launch of the Company's ghost kitchen, commissary kitchen, and private label co-packing and manufacturing offerings, and (iv) the Company's goals and its ability to achieve them. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For Further Information:

For investor inquiries or further information, please contact:
Paul Rivas, Chief Executive Officer
1 (778) 869 5834
privas@originalholycow.com

SOURCE: Holy Cow Foods Inc.