Bridgemark is at it again. Modern Meat (CSE: MEAT) this week announced that it is conducting a non-brokered private placement for the sale of common share purchase warrants of the equity. In total, the company is looking to raise $500,000, which it intends to spend on marketing and investor relations activity, along with general corporate purposes.

In total, the company is looking to issue 10.0 million common share purchase warrants under the financing, with each warrant having an exercise price of $1.11 and an expiry of two years. Upon full exercise, the company would bring in an aggregate of $11.1 million from the warrants.

The problem however, is that the company has indicated that it intends to utilize the funds not for product development, but for marketing and investor relations purposes. Within the same news release, it announced that it has engaged two investor relations firms, with total upfront expenses amounting to C$628,400. Of the two firms, namely Green Times Consulting Ltd and Awareness Consulting Network LLC, the latter has dealt with Bridgemark in the past on at least one known occasion.

Awareness Consulting had previously sent out promotional material for Kootenay Zinc (TSXV: ZNK) in 2018, to which the company had to respond to an inquiry for.

As per company filings, Modern Meat has engaged Awareness Consulting to provide advisory services for increasing brand awareness for a period of 30 days. Green Times Consulting meanwhile is being utilized for native ads and digital marketing services over the course of 60 days.

A closing date was not provided for the financing, nor were specifics on whether the warrants would be subject to a four month hold period.

Modern Meat last traded at $1.55 on the CSE.

Information for this analysis was found via Sedar and Modern Meat. 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.