Vancouver, British Columbia--(Newsfile Corp. - September 29, 2022) - Coho Collective Kitchens Inc. (TSXV: COHO) ("Coho" or the "Company") is pleased to report that all matters were approved at the Company's Annual General and Special shareholder meeting held on September 29, 2022 (the "Meeting"). At the Meeting, Coho's shareholders re-elected all of Coho's current board of directors (Andrew Barnes, Amrit Maharaj, Tara Finnegan, Justin Morel, and Alex Macdonald). Shareholders also re-appointed the Company's current auditor, BDO Canada LLP. Coho's shareholders also approved the renewal of its 10% rolling omnibus equity incentive plan in accordance with the requirements of the TSX Venture Exchange.
Acquisition of Shares by CEO
Coho has been advised that Mr. Andrew Barnes (CEO and Director of Coho) acquired ownership of an additional 14,000 common shares in the capital of the Company ("Shares") on September 27, 2022. The 14,000 Shares were acquired through the facilities of the TSX Venture Exchange at a price of $0.17 per Share (for an aggregate purchase price of $2,380).
Prior to the acquisition of the Shares on September 27, 2022, Mr. Barnes held a total of 12,000,000 Shares directly or indirectly. Of these Shares, 8,700,000 are held personally by Mr. Barnes and 3,300,000 are held by the Barnes and Chan Family Trust (the "Family Trust"). Mr. Barnes has control and direction over the Family Trust and also holds an ownership interest in the Family Trust. Mr. Barnes also holds 150,000 Share purchase options of the Company ("Options") personally. Mr. Barnes' non-dilutive shareholdings represented approximately 14.24% of the issued and outstanding Shares of the Company and 14.39% on a partially diluted basis (i.e., assuming full exercise of the Options and no other issuances of Shares by the Company).
Following the acquisition of Shares on September 27, 2022, Mr. Barnes now holds 12,014,000 Shares and 150,000 Options. Mr. Barnes' non-dilutive shareholdings now represent approximately 14.25% of the issued and outstanding Shares of the Company and 14.41% on a partially diluted basis (i.e., assuming full exercise of the Options and no other issuances of Shares by the Company).
The Company has been advised that Mr. Barnes acquired these Shares for investment purposes as disclosed in an Early Warning Report to be filed on SEDAR. These investments will be reviewed on a continuing basis by Mr. Barnes, and such holdings may be increased or decreased in the future. Mr. Barnes may in the future acquire or dispose of securities of the Company through the market, privately or otherwise as circumstances or market conditions warrant and in compliance with applicable securities regulatory requirements.
Acquisition of Shares by COO
Coho was also advised that Mr. Amrit Maharaj (COO and Director of Coho) acquired ownership of an additional 13,000 Shares on September 28, 2022. The 13,000 Shares were acquired through the facilities of the TSX Venture Exchange at a price of $0.18 per Share (for an aggregate purchase price of $2,340).
Prior to the acquisition of the Shares on September 28, 2022, Mr. Maharaj held a total of 10,500,000 Shares and 150,000 Options directly. Mr. Maharaj does not hold any Shares or Options indirectly. Mr. Maharaj's non-dilutive shareholdings represented approximately 12.46% of the issued and outstanding shares of the Company and 12.61% on a partially diluted basis.
Following the acquisition of Shares on September 28, 2022, Mr. Maharaj held a total of 10,513,000 Shares and 150,000 Options. Mr. Maharaj's non-dilutive shareholdings now represent approximately 12.47% of the issued and outstanding Shares of the Company and 12.63% on a partially diluted basis.
The Company has been advised that Mr. Maharaj acquired these Shares for investment purposes as disclosed in an Early Warning Report to be filed on SEDAR. These investments will be reviewed on a continuing basis by Mr. Maharaj, and such holdings may be increased or decreased in the future. Mr. Maharaj may in the future acquire or dispose of securities of the Company through the market, privately or otherwise as circumstances or market conditions warrant and in compliance with applicable securities regulatory requirements.
Coho's head office is located at 1370 E. Georgia Street, Vancouver, BC V5L 2A8. For inquiries or to obtain a copy of the related early warning report required under applicable Canadian securities legislation, a copy of which will also been filed on Coho's profile on SEDAR at www.sedar.com, please contact: Andrew Barnes, Chief Executive Officer at andrew@cohocommissary.com or (778) 877-6513.
About Coho
Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies, from start-ups to restaurant groups, seeking turnkey solutions and business services. Each of the Company's customers, called "Members", are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit www.cohocommissary.com.
Contacts
Andrew Barnes, Chief Executive Officer
andrew@cohocommissary.com
(778) 877-6513
Investor Relations
invest@cohocommissary.com
(604) 243-7355
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under "Risk Factors" in the final long-form prospectus of the Company dated May 27, 2022. Coho disclaims any obligation to update these forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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