Canada’s Nabati Foods Global has raised more than CAD7.7m (US$6.1m) through a private placement of so-called special warrants after taking over Nabati Foods Inc., a plant-based business serving North America.

Vancouver-based Nabati priced the warrants at 50 Canadian cents each to partly fund the company’s proposed application to obtain a public listing on the Canadian Stock Exchange. It will also use the proceeds to develop the business, including a planned plant expansion and the purchase of new equipment.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company said it has acquired Nabati Foods Inc. through a share-exchange agreement involving the issue of 14m common shares to the shareholders of the acquired business.

Nabati Foods’ chief executive Ahmad Yehya said in a statement: “This financing puts Nabati in an even more robust position to expand our production capacity to meet growing demand from grocery, foodservice, and industrial customers, while also supporting product development and innovation.

"Our team has put in the legwork to build a company with the highest quality plant-based products, and that commitment to quality is starting to pay off, with demand exploding over the past year."

Nabati's portfolio includes dairy-free cheesecakes, cheese alternatives, and plant-based meats and seafood such as faux chicken and fish burgers. All of its products, which are sold in Canada and the US, are free from gluten, dairy and eggs, are non-GMO and certified as vegan.

Executive chairman Don Robinson said Nabati plans to expands its presence across North America "and eventually into Europe, commensurate with the demonstrated interest from investors and customers".