06:27 AM EDT, 04/18/2024 (MT Newswires) -- Simply Better Brands ( SBBCF ) overnight Wednesday said it plans to raise $2 million via a non-brokered private placement.

The offering comprises nearly 5.7 million units at $0.35 apiece. The offering is expected to close by April 25.

Each unit will consist of one common share and one-half of one share purchase warrant. Each warrant will allow the holder to buy one additional share at an exercise price of $0.45 per share for 24 months following the closing of the offering.

The company plans to use the proceeds to boost the North American online and in-store distribution and sales of TRUBAR protein bars, which are sold by Simply Better subsidiary, Tru Brands..

The money raised will also be used for general corporate and working capital purposes.