Vancouver, British Columbia / February 28, 2020 – Champignon Brands Inc. (“Champignon” or the “Company”) (CSE: SHRM) is pleased to announce that, it successfully completed its initial public offering (the “IPO”) of 18,916,667 common shares (the “Shares”) of Champignon at a price of $0.15 per Share for total gross proceeds of $2,837,500.05 (the “Proceeds”).
Pursuant to the agency agreement dated February 5, 2020, PI Financial Corp. acted as agent (the “Agent”) for the IPO. Champignon paid to the Agent a cash commission equal to 8% of the Proceeds and granted the Agent and its sub agents non-transferable warrants entitling the Agent and its sub agents to purchase a total of 1,513,333 Common Shares at a price of $0.30 per Common Share until February 28. 2022. In connection with the IPO, the Agent also received a corporate finance fee.
Champignon’s common shares were listed on the Canadian Securities Exchange (“CSE”) effective February 27, 2020 and halted pending completion of the IPO. Champignon anticipates that its common shares will resume trading on the CSE on Monday March 2, 2020 under the symbol “SHRM”.
About Champignon Brands Inc.
Champignon Brands Inc. is a Canadian based company dedicated to the distribution of artisanal medicinal mushrooms infused products. The Champignon team is mandated with enhancing the health and wellness of millions of potential consumers through the distribution of a premium, mushroom-infused product suite. Champignon continues to be inspired by sustainability, as all of its eligible SKUs are organic, non-GMO and vegan certified.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO & Director
T: +1 (778) 809-6664
For Champignon Brands French inquiries:
Remy Scalabrini, Maricom Inc.
T: +1 (888) 585-MARI
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for Champignon Brands described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.