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NextGen Food Robotics Announces Non-Brokered Private Placement and Marketing Services Extension

Wednesday, 31 May 2023 22:00

NextGen Food Robotics Corp.


VANCOUVER, BC / ACCESSWIRE / May 31, 2023 / NextGen Food Robotics Corp. (the "Company" or "NextGen") (NEO:NGRB)(OTC PINK:NGRBF)(Frankfurt:O83) is pleased to announce its intention to carry out a non-brokered private placement (the "Offering") of up to 3,225,806 units (each, a "Unit") of the Company at a price of $0.31 per Unit for aggregate gross proceeds of up to $1,000,000.

Each Unit will be composed of (1) common share and one-half of one (1/2) common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable at $0.40 per common share for one (1) year from the date of issuance.

In connection with the Offering, the Company may pay finders (each, a "Finder") a cash commission and/or issue such Finders non-transferable common share purchase warrants, in accordance with NEO Exchange Inc. policies.

The Company plans to allocate the net proceeds from the Offering towards capital expenditures, business development and general working capital. All securities issued in connection with the Offering will be subject to a four-month and one-day statutory hold period in accordance with applicable securities laws.

The securities to be issued pursuant to the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Marketing Services Extension

The Company is also pleased to announce an extension agreement for marketing services (the "Extension") with Financial Star News Inc. ("FSN") (address: 701 West Georgia Street, Suite 1500, Vancouver, V7Y 1C6; email: [email protected] ).

As previously disclosed, FSN has and shall continue to, as appropriate, be engaged by the Company to heighten market and brand awareness for NextGen and to broaden the Company's reach within the investment community through various online platforms and methods of engagement. Pursuant to the Company's agreement with FSN, the services will commence immediately and will last for a period of at least three (3) months. The Company will pay a fee of US$150,000 for the Extension. FSN has agreed to comply with all applicable securities laws and the Policies of the NEO Exchange Inc. in providing the services to the Company. FSN does not have a prior relationship with the Company aside from its previous engagement with the Company.

About NextGen Food Robotics

Nextgen Food Robotics is an automated robotic food co-packer and manufacturer that uses technology to modernize its food manufacturing processes. Additionally, Nextgen is developing the "Lily app", which is an AI-powered food application.

For investor inquiries or further information, please contact:
Paul Rivas, Chief Executive Officer
1 (236) 471-1357
[email protected]

Cautionary Note on Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions and in this news release include statements respecting: the Offering and the intended use of proceeds from the Offering; and the Extension, the terms thereof and the services to be provided pursuant thereto. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.

Neither the Neo Exchange nor IIROC accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: NextGen Food Robotics Corp.

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