Flow Beverage Corp. Completes Additional Private Placement
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$3.4 million in total private placement proceeds to help bridge Flow to profitability
The total proceeds raised from the Initial Offering and the Additional Offering are
“NFS and Cliff have been wonderful financial partners for Flow over the last six years. They have been an instrumental funding source for our working capital and capital expansion requirements, and we believe their investment in Flow’s equity demonstrates their confidence in our near term and long term prospects. We are currently installing our fourth production line at
Additional Offering Details
All SV Shares issued under the Additional Offering are subject to a four-month and one-day hold period in accordance with applicable Canadian securities laws and such other further restrictions as may apply under applicable foreign securities laws. The Additional Offering remains subject to the final approval of the
The gross proceeds from the Additional Offering will be used by the Company for working capital and general corporate purposes.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy securities in
Early Warning Disclosure
Prior to the Additional Offering, the Investor owned, or had control or direction over, 6,473,000 SV Shares, its affiliate
With closing of the Additional Offering, the Investor owns, or has control or direction over, 12,050,000 SV Shares, its affiliate NFS Canada owns, or has control or direction over, the Warrants convertible into 5,345,380 SV Shares, and
Other Information
The SV Shares were acquired for investment purposes. Subject to various factors including, without limitation, Flow’s financial position, the price of SV Shares, market conditions, Clifford L. Rucker’s determinations from time to time as to whether the trading price of the SV Shares adequately reflects the value of the SV Shares in relation to the Company’s activities and future prospects, and other factors and conditions
The Company’s head office is located at
A copy of the report filed under applicable Canadian securities laws by the Investor in connection with the transactions referred to in this press release may be obtained from the Investor via email: legal@ruckerinv.com or telephone 774 233 8421, or on the SEDAR profile of the Company at: www.sedarplus.ca.
About
Flow is one of the fastest-growing premium water companies in
For more information on Flow, please visit Flow’s investor relations site at: investors.flowhydration.com.
Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“Forward-Looking Statements”). The Forward-Looking Statements contained in this press release relate to future events or Flow’s future plans, operations, strategy, performance or financial position, including statements regarding the use of proceeds from the Additional Offering, Flow’s expectations regarding its anticipated revenue from new co-manufacturing agreements, improvement in financial outlook and achieving cash flow positive results and are based on Flow’s current expectations, estimates, projections, beliefs and assumptions. Such Forward-Looking Statements have been made by Flow in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such Forward‐Looking Statements are often, but not always, identified by the use of words such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “expect”, “believe”, “anticipate”, “estimate”, “will”, “potential”, “proposed” and other similar words and expressions.
Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Flow’s control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purposes of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.
This press release should be read in conjunction with the management’s discussion and analysis (“MD&A”) and consolidated financial statements and notes thereto as at and for the fiscal year ended
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