Surfing in Canada isn’t a phrase you hear all that often, what with the endless…
Sol Cuisine is seeking a listing on the TSX Venture Exchange
Sol Cuisine, a Canadian plant-based company, plans to go public through a takeover of Shell company Platform 9 Cital Corp.
Dror Balshine founded Sol Cuisine in 1996 as a manufacturer of meat-free petisers, starters, vegetarian burgers and tofu for retail and catering. The non-genetically modified, organic, wheat and gluten-free products are manufactured at the company’s facility in Mississauga, Ontario.
The transaction is being led by investment management firm Canaccord Genuity Corp. as Sol Cuisine seeks a listing on the country’s TSX Venture Exchange through the reverse acquisition without the company having to go public.
Platform 9 has signed a letter of intent with Sol Cuisine under which a private placement of so-called subscription receipts in the plant-based business valued at $ 30 million ($ 23.9 million) will be carried out with the option to add to the offering further CAD4.5m. These receipts can then be exchanged for one common share of Sol Cuisine.
The completion of the deal is subject to a number of conditions including due diligence, the signing of a definitive agreement, government regulations and the acceptance of the deal by TSX. This is evident from a filing from platform 9, which is listed on the same exchange.
just-food has asked Sol Cuisine for further comments on the transaction but received no response at the time of writing.
Last fall, Sol Cuisine raised $ 10 million, led by the Venture Cital arm of Canada’s BDC bank, and added three previous funding rounds where the amounts were not disclosed. The company planned to use the funds to expand sales in Canada and the United States and invest in its Mississauga facility.
Chairman Mike Fata and General Manager John Flanagan have also provided their own funds.
Sol Cuisine products are sold at Whole Foods Market, Albertsons, Safeway, Target, Kroger, Loblaws, Sobeys and Metro.