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Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) - Nepra Foods Inc. (CSE: NPRA) (FSE: 2P6) (OTC Pink: NPRFF) ("Nepra Foods" or the "Company"), announces that the board of directors of the Company (the "Board") has approved a consolidation of the Company's outstanding common shares (the "Shares") on a ten (10) for one (1) basis (the "Consolidation").
Currently, the Company has 51,831,749 Shares issued and outstanding. Following the completion of the Consolidation, and subject to rounding, the Company will have approximately 5,183,174 Common Shares issued and outstanding. The exercise price and number of Common Shares issuable upon the exercise of the Company's outstanding convertible securities will also be proportionally adjusted upon completion of the Consolidation.
The Board believes that the Consolidation will provide the Company with increased flexibility to seek financing opportunities and strategic acquisitions. The Company does not intend to undergo a name change in conjunction with the Consolidation.
The Consolidation is subject to acceptance from the Canadian Securities Exchange, which will be evidenced by the dissemination of a bulletin advising of the date of the Consolidation. The Company will disseminate a further news release which will set out the effective date for the Consolidation.
The Company also announces the resignation of David Breda as a Director of the Company effective June 15, 2023. The Company wishes to thank Mr. Breda for his contributions to the Company and wishes him success with his future endeavours.
The Company also wishes to announce that it has cancelled the non-brokered private placement financing previously announced on April 19, 2023.
ABOUT NEPRA FOODS
Nepra Foods is grounded in a passion for food. We believe eating healthy shouldn't be difficult. Everybody deserves food options that are truly nutritious and taste good. Food should not contain allergens that might prevent everybody in the family from enjoying it together. People shouldn't have to compromise quality and taste in what they eat even if they are trying to cut down on carbs, don't tolerate gluten or dairy very well, or don't want to eat food produced from animals. Nepra Foods is on a mission to make healthy, enjoyable food for everybody.
ON BEHALF OF THE BOARD OF DIRECTORS
Chadwick White, CEO & Director
investors@neprafoods.com
Investor Relations Toll-free: (844)-566-1917
The CSE has neither approved nor disapproved the contents of this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.