Wildpack Beverage Inc. Announces Upsize of Its Previously Announced Bought Deal Offering of Convertible Debenture Units to $17.4 Million

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, BC, June 9, 2021 /CNW/ - Wildpack Beverage Inc. (TSXV: CANS) ("Wildpack" or the "Company") is pleased to announce that, due to strong demand, it has agreed with Stifel Nicolaus Canada Inc. ("Stifel GMP") as sole bookrunner and lead underwriter, to increase the size of its previously announced $15,000,000 bought deal offering (the "Original Offering") such that Stifel GMP will purchase 17,390 convertible debenture units of the Company (the "Debenture Units"), on a bought deal basis, at a price of $1,000 (the "Issue Price") per Debenture Unit, for gross proceeds of $17,390,000 (the "Upsized Offering"). The Upsized Offering will be completed pursuant to the filing of a short form prospectus and subject to all required regulatory approvals. In addition, the Company will grant Stifel GMP an option (the "Over-Allotment Option") to purchase up to 15% of additional debenture units (the "Option Debenture Units" and collectively with the Debenture Units, the "Offered Debenture Units") exercisable in whole or in part, at any time on or prior to the date that is 30 days following the Closing Date. If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Upsized Offering will be $20,000,000. Except for the increase in the number of Offered Debenture Units to be issued in connection with the Upsized Offering, the terms of the Upsized Offering will be identical to those of the Original Offering.

As previously announced, each Offered Debenture Unit consists of (i) one 8% senior unsecured convertible debenture having a face value of $1,000 and convertible into common shares of the Company (each a "Common Share") at a conversion price of $1.51 per Common Share (the "Conversion Price") and maturing four years from the Closing Date (as defined below) (the "Convertible Debentures"); and (ii) 332 common share purchase warrants of the Company (the "Warrants" and, together with the Convertible Debentures, the "Underlying Securities"). Each Warrant entitles the holder thereof to purchase one Common Share at $1.81 per share for a period of two years following the Closing Date.

The Offered Debenture Units will be offered by way of a short form prospectus to be filed in all provinces of Canada (except Quebec). The Company intends to use the net proceeds from the Upsized Offering for strategic acquisitions, capital expenditures for capacity expansion, working capital and general corporate requirements.

The Upsized Offering is expected to close on or about June 30, 2021 (the "Closing Date"). The Upsized Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (the "TSXV") and the applicable securities regulatory authorities.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

WILDPACK BEVERAGE INC.

Per:      "Mitch Barnard"

Mitch Barnard
Chief Executive Officer and Director

About Wildpack

Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing can filling and decorating services to brands throughout the United States. Wildpack currently operates indirectly through its subsidiaries and out of facilities in Baltimore, Maryland, Sacramento, California and Las Vegas, Nevada. Wildpack commenced trading on May 19, 2021, on the TSXV under the symbol "CANS.V".

Forward-Looking Statements

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation: our statements related to the completion of the acquisition of the Upsized Offering and the use of proceeds thereof. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Wildpack's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Upsized Offering, including: that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and  competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.  

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Wildpack Beverage Inc.

please contact us at: [email protected]; Jonathan L. Robinson CFA, Oak Hill Financial Inc., 416 669 1001, [email protected]; Visit our investor website at: www.investor.wildpackbev.com