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.
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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."
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By GlobalDataNabati'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".
