Goodfood Market Inc. Completes Private Placement for Gross Proceeds of $21 million

MONTREAL, March 31, 2017 /CNW/ - Goodfood Market Inc. ("Goodfood") is pleased to announce the closing of a brokered private placement of subscription receipts for gross proceeds of $21 million, led by GMP Securities L.P. and including National Bank Financial  Inc. and Cormark Securities Inc. (collectively, the "Agents").

Pursuant to the terms of an agency agreement among Goodfood and the Agents dated March 31, 2017 the company completed a private placement of 10,542,883 subscription receipts at a price of $2.00 per subscription receipt, for aggregate gross proceeds of $21 million. The gross proceeds of the offering less certain expenses of the agents will be held in escrow on behalf of the subscribers by an escrow agent.

Each subscription receipt will be automatically convert, without additional payment or any further action on the part of the holder, into one common share of Goodfood immediately prior to the completion of its previously-announced going public transaction involving Mira VII Acquisition Corp (the "RTO") and upon the satisfaction of specified escrow release conditions in accordance with the terms of a subscription receipt agreement entered into between Goodfood, the Agents and an escrow agent. The escrowed proceeds will be released to the resulting company on completion of the RTO.

"The completion of the private placement this marks an important step in the growth of our company as we continue to develop the Canadian meal kit industry," stated Jonathan Ferrari, Chief Executive Officer of Goodfood.

Net proceeds of the offering will be used by the resulting issuer to further the business of Goodfood following completion of the RTO and for general working capital purposes.

The forward-looking information contained in this press release is made as of the date hereof and Goodfood undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

About Goodfood

Goodfood is a Montreal-based dinner subscription service delivering fresh ingredients that make it easy for consumers to prepare delicious original recipes at home every week. Launched in 2014, Goodfood delivers meals to subscribers across Ontario, Quebec and the Maritimes and employs over 150 people. Subscribers select their favourite among 11 new recipes each week from a collection of original dishes and Goodfood prepares a personalized box of ingredients delivered to your doorstep with easy step-by-step instructions. Goodfood addresses consumer trends for healthy, fresh and locally sourced food while minimizing waste and bypassing the traditional grocery supply chain.

makegoodfood.ca

SOURCE Goodfood Market Inc.



For further information: Goodfood Market Inc.: Jonathan Ferrari, Chief Executive Officer and Neil Cuggy, Chief Operating Officer and Chief Financial Officer, chef@makegoodfood.ca

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