Rritual Superfoods files for $4M IPO on CSE

CPE News (12/18/2020) – Rritual Superfoods Inc. has file a preliminary prospectus in connection with a proposed initial public offering of common share units for gross proceeds of $4 million.

Terms of the offering have yet to be determined. The units are expected to priced between $0.20 to $0.30 per unit. Each unit will consist of one common share and one-half of one share purchase warrant with each whole warrant entitling the holder to acquire one additional common share at $0.60 per share for a period of 36 months following the closing of the offering, subject to accelerated expiry.

Rritual Superfoods intend to apply to list its common shares and warrants on the Canadian Securities Exchange (CSE).

The offering is being underwritten by Clarus Securities Inc. and Canaccord Genuity Corp.

Clark Wilson LLP and Borden Ladner Gervais LLP act as legal counsel to Rritual Superfoods and the underwriters respectively.

Rritual Superfoods currently has 35,592,500 common shares issued and outstanding on non-diluted basis. There is no person owns or control 10% or more of the issued and outstanding common shares.

Vancouver based Rritual Superfoods was formed to serve the emerging and rapidly growing functional mushroom market and to promote holistic health and wellness. The company specializes in the formulation and distribution of plant-based products in small batches featuring functional mushrooms and adaptogen ingredients.

Rritual has one wholly owned subsidiary, Rritual USA Inc., which was incorporated for the purpose of carrying out the company’s operations in the United States.

photo credit: Rritual Superfoods