Modern Plant Based Foods Inc. announced a non-brokered private placement of up to 2,040,816 units at CAD 0.49 per unit for gross proceeds of up to CAD 999,999.84 on June 8, 2022. Each unit will be composed of one common share and one common share purchase warrant. Each Warrant shall be exercisable for one common share at a price of CAD 0.61 for a period of 24 months following the closing date of the transaction.

The company does not intend to publicly list the warrants for trading on the Canadian Securities Exchange. The company may pay finders' fees as permitted under Canadian Securities Exchange policies and applicable securities laws.