Nabati Foods in Edmonton set to expand production of plant-based desserts and other products
Edmonton, AB-based Nabati Foods, a plant-based food tech company offering whole, natural, plant-based foods for health conscious consumers, is offering a private placement financing for gross proceeds of up to $4,000,000. Nabati is set to expand in the production of its plant-based products, certified gluten-free, dairy-free, egg-free, refined sugar-free, all natural (non-GMO), certified kosher and certified vegan. The company was founded in 2014 and has four signature product lines including dairy-free cheesecakes, cheese alternatives, and plant-based meats.
“Demand for our products has been growing rapidly in both Canada and the United States. We have a long production queue for all of our products, and are rapidly progressing the setup of our second facility up and running to increase production capacity and enable us to meet current demand and deliver new innovations. 2020 saw our sales increase by over 85%,” said Ahmad Yehya, CEO of Nabati. “We created Nabati because we felt that there simply weren’t enough healthy, plant-based options on the shelves. We believe the most mouthwatering foods can still be healthy, and this drives innovation in our company. We are dedicated to ensuring everyone can enjoy our products, regardless of their dietary preferences or food allergies.”
Nabati products are currently available in over 300 stores across Canada and in over 120 stores across the U.S. Nabati also plans to enter the European Market in 2022. The Company has recently expanded its distribution channel mix to include e-commerce and industrial sales, complementing its successful grocery and foodservice channels.
“We love i-Innovation, and we are excited about several projects, one we believe is groundbreaking. We are thrilled and can’t wait to be moving from our pilot plant to a production facility that will deliver on new innovations we can’t wait to release but also meet demand from current and future clients,” said Ahmad Yehya, CEO of Nabati.
The Private Placement will be for up to 8,000,000 Special Warrants at a price of $0.50 per Special Warrant. The proceeds will be used to fund the Company’s go-public transaction as well as for business development, working capital, plant expansion, and to purchase equipment to expand production capacity and develop new product lines. Each Special Warrant will convert into one free-trading share upon listing on the Canadian Securities Exchange (“CSE”).