Modern Plant Based Foods sells sausage recipe for $1M

VANCOUVER — Modern Plant Based Foods Inc. has sold the rights and recipes for its Modern breakfast sausage for proceeds of $1,000,000 million cash.

“Our Modern Breakfast sausage is one of our newer creations from our line of products and is early in our distribution cycle so it further shows the value of some of our more established recipes with proven distribution. After the proven success of the breakfast sausage our company will be looking to develop more recipes with an inclusive sales pipe in the immediate future.” said CEO Avtar Dhaliwal in a statement.

The company also announced plans to arrange a non-brokered private placement offering of up to 2,040,816 units at a price of $0.49 per unit for gross proceeds of up to $1,000,000.

Each Unit is comprised of both a common shares and a common share purchase warrant. Each transferrable warrant will entitle the holder to acquire one common share of the company exercisable at a price of $0.61 per warrant and have an expiry of 24 months from the date of issuance. The company does not intend to publicly list the warrants for trading on the Canadian Securities Exchange . Finder’s fees may be paid, as permitted under CSE policies and applicable securities laws.