Global Food and Ingredients Ltd. announced a non-brokered private placement of units at a price of CAD 0.205 per unit on June 15, 2023. The transaction will include participation from returning investor, 35 Oak Holdings Limited for CAD 500,000. Each unit will consist of one common share and one common share purchase warrant.

Each unit warrant will entitle the holder to acquire one common share at a price of CAD 0.405 per share for a period of two years from the closing date of the private placement. The transaction is anticipated to close in the second quarter of the company's current fiscal year ending March 31, 2024, subject to completion of definitive agreements, satisfaction of customary closing conditions, and receipt of regulatory approvals, including the approval of the TSXV.