CreateFoods Specialty Inc., along with PricewaterhouseCoopers, have formally launched a CAD$31.0 million financial raise to become Canada’s first and only full-time contract manufacturer of plant-based protein isolate ingredients.
EDMONTON, AB – Further to our previous announcement of March 8, 2023, when we engaged with PricewaterhouseCoopers (PwC) to provide CreateFoods Specialty Inc.’s (CFS) Financial Advisory and Corporate Financial services, we are proud to announce today that we have launched our full financial raise of CAD$31.0 million. The financial raise is expected to be a combination of equity and debt financing with an anticipated completion into the beginning of Q4 2023.
Many companies ranging from multi-nationals and early start-ups expressed a concern about the lack of infrastructure capable of processing a wide range of input materials, which led CreateFoods Inc. to ‘fast-track’ the design, build and eventual commence operations of a specialized plant-based protein isolation plant in the Edmonton, AB region. The project currently has indicative offtake agreements executed which, based on projections, would exceed this plant’s capacity within 3 years triggering the larger commercial-scale, greenfield build, CreateFoods Canada Inc. project within 24 months or sooner.
The services provided through CreateFoods Specialty Inc. (a wholly owned subsidiary of CreateFoods Inc.) will support finished food manufactures specializing in consumer-packaged goods (CPG) and ready-to-eat (RTE) products as well as ingredients suppliers to market themselves as vertically integrated without large capital investments into their own manufacturing plant. CreateFoods Specialty Inc. and the second facility, CreateFoods Canada Inc. are expected to be both strategically located within the Greater Edmonton Regional Area to take advantage of a skilled labour force, diverse feedstock availability, key transportation routes and envisions being the anchor to spur on a $1 billion food processing/agri-food industry within the Province of Alberta CANADA.
Darren Kostiw, Co-Founder/CEO/President stated, “We are delighted to finally be at this stage of the full financial raise. Together with our many partners, we are looking forward with great anticipation to achieving financial close, getting the production equipment ordered and starting our facility construction in the spring of 2024.”
About CreateFoods Inc.
CreateFoods Inc. is a privately held Canadian company determined to be the market-leader as a manufacturer of plant-based ingredients for the Food & Beverage industry. CF’s production facility in Edmonton will use various proven technologies to create customized ingredients from a wide range of starting raw materials. CF will provide significant local employment and encourage development of Canadian raw input materials, while being a leader in our plant design and environmental footprint. For
investment details or to find out more about services being offered, visit us at
www.createfoodscanada.ca or email tom@createfoodscanada.ca.
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