January 13, 2023 – Vancouver, British Columbia – Right Season Investments Corp. (TSXV: LITT) (“Right Season” or the “Company”) is pleased to announce that it has purchased 4,464,286 units (each, a “Grounded Unit”) of Grounded People Apparel Inc. (“Grounded People”) at a price of $0.56 per Grounded Unit by way of private placement for an aggregate purchase price of $2,500,000 (the “Placement”). Each Grounded People Unit is comprised of one common share of Grounded People (a “Grounded People Share”) and one common share purchase warrant (a “Grounded People Warrant”). Each Grounded People Warrant entitles the Company to purchase an additional Grounded People Share at a price of $0.70 per Grounded People Share for a period of twenty-four (24) months from issuance.
Prior to completion of the Placement, the Company held 347,222 common shares in the capital of Grounded People (each, a “Share”) and 347,222 Share purchase warrants representing approximately 1.86% of the issued and outstanding Shares (or 694,444 Shares representing approximately 3.65% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants held by the Company).
Following completion of the Placement, the Company holds 4,811,508 Shares and 4,811,508 Share purchase warrants representing approximately 20.73% of the issued and outstanding Shares (or 9,623,016 Shares representing approximately 34.34% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants held by the Company).
The Company has acquired the Units for investment purposes. The Company intends to evaluate these holdings and increase or decrease its investment in Grounded People as circumstances warrant.
Grounded People is primarily engaged in the business of fair trade, sustainable and earth-conscious fashion. The Grounded People brand has emerged as a leader in sustainability and cruelty-free manufacturing, adopting a business model that’s built on transparency and trust, and forging a reputation among consumers across the world that “Every Step Matters” in helping preserve the planet.
Grounded People’s products, which have been featured in Forbes Magazine, Rolling Stone and Marie Claire, are almost entirely handmade from recycled materials in one of the world’s only exclusively vegan factory located in Brazil.
Grounded People is listed on the CSE under the symbol “SHOE” and its main office is located at Suite 800 – 1199 West Hastings Street, Vancouver, BC V6E 3T5.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com under Grounded People’s profile.
About Right Season Investments Corp.
Right Season Investments Corp. is a Canadian Venture Capital, Investment and Advisory Firm that strives to actively drive innovation and accelerate growth for its shareholders. Right Season invests capital into private and public companies that offer excellent growth opportunities.
Cautionary and Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.