Feel Foods (FEEL) has agreed to sell its 5.5-acre greenhouse lands in Langley, BC to Canpac Investments Corp.
Canpac is an investment company focused on health sciences, technology and infrastructure.
For the sale, Canpac has agreed to issue 15 million shares at $0.10 per share for a total purchase price of $1.5 million.
Canpac will also assume $912,517 of Feel Foods’ current debt and long-term liabilities.
“We are pleased to add this Langley greenhouse project to our portfolio,” said Canpac CEO Sam Samy.
Robert Nygren, CEO of Feel Foods, also commented on the sale of its greenhouse project.
“The sale of the Langley greenhouse project [. . .] will free FEEL to focus its time, attention and capital on its growing agri-holdings and plant-based foods business.”
FEEL will distribute the shares from the sale to its stakeholders in the form of a dividend, which will be released on September 15, 2021.
Feel Foods is an agri-food holdings company focused on innovative products and technologies in the food services industry.
The company’s products include the BE Good plant-based foods line up of plant-based chicken, pork, and beef products, and it is currently investing in the research and development of keto-friendly plant-based candy products.
Feel Foods Ltd. (FEEL) is currently down 14.29 per cent, trading at $0.30 per share as of 12:57 pm ET.