Fake meat issuer Modern Meat (CSE: MEAT) is expected to commence trading this morning at market open following the completion of its reverse takeover transaction. The RTO, conducted with Navis Resource Corp (CSE: SUV) has seen the shell perform a stock split to provide further liquidity to the markets.
We covered the details of the new issuer extensively this past weekend, when we took a dive into what the company has to offer along with the share structure behind it. The short of it is that it has strong Bridgemark Group connections through the members appointed to the firms executive leadership team.
In terms of share structure, the company currently has 28,306,498 common shares outstanding, a large portion of which come from the split that was conducted on the issuers shell. A further 11.5 million shares were issued by acquiring certain assets related to its fake meat operation, while 2.76 million common share options were issued at a price of $0.05.
Modern Meat also closed a private placement this past Friday, at a price of $0.25 per share for gross proceeds of $700,000. However, shares issued here are believed to be subject to a four month hold period, limiting the ability of investors to take advantage of short term price action.
It’s unclear as of yet what price Modern Meat is expected to open at.
Information for this analysis was found via Sedar, The CSE, Modern Meat and Navis Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
