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Billy Goat Brands Investee Evanesce Closes Oversubscribed $10.1 Million Series B Funding Round

November 10, 2021

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Evanesce’s Use of Proceeds Expected to Bolster its Growth Strategy and Accelerate Manufacturing Plans

Vancouver, British Columbia – November 10, 2021 / Globe Newswire / – Billy Goat Brands Ltd. (“GOAT” or the “Company”) (CSE: GOAT) (FRA: 26B), a venture capital platform focused on identifying, sponsoring and incubating environmental, social and governance (“ESG”) focused companies in the blue economy, is pleased to announce that its portfolio company, Evanesce Packaging Solutions Inc. (“Evanesce” or the “Portfolio Business”), has closed an oversubscribed CAD 10.1 million Series B funding round (the “Series B Round”). Due to strong demand, the Series B Round closely follows the completion of Evanesce’s Series A financing in February 2021, in which GOAT’s Portfolio Business raised a total of CAD 15 million. Evanesce is a sustainable technology innovator, developing standard disposable food containers using a patented molded starch technology comprised of plant-based by-products that is 100% compostable and decomposes in 90 days.

Evanesce is planning to use the proceeds to bolster its competitive strategy and accelerate manufacturing plans, all in pursuit of the goal of becoming the leading green packaging solutions provider on the market. More specifically, the Series B Round will provide a means to further increase the Portfolio Business’ manufacturing capacity. To date, Evanesce has been aggressively expanding its North American operations through the recent opening of a manufacturing facility in Early Branch, South Carolina, as well as utilizing a second facility in Las Vegas, Nevada. The use of proceeds will also go toward the purchase of new equipment to increase the output of Evanesce’s polylactic acid biopolymer and molded starch product lines, as well as adding to its operations teams and advancing sales opportunities.

GOAT’s equity stake in Evanesce strongly positions its ESG-focused portfolio in the green packaging solutions market. As the global packaging market is expected to reach over USD 1.2 trillion by 20281, Evanesce’s innovative technologies will help to the use of curb single-use plastics and provide a sustainable alternative to the mass consumption and pollution of microplastics waste. The Company’s investment in Evanesce is part of GOAT’s strategy to identify and incubate companies focused on the blue economy.

Management Commentary

“The closure of another successful funding round enables Evanesce to accelerate its growth strategy to meet the growing market demand for sustainable food service and packaging solutions,” says Douglas Horne, Founder and CEO of Evanesce. “Evanesce is committed to replace single-use plastics and Styrofoam packaging with plant-based, compostable alternatives that are scalable, cost effective and truly sustainable.”

“We are thrilled to see such strong investor demand for Evanesce’s equity, as it both validates GOAT’s earlier investment in the Portfolio Business and demonstrates the continuing market support for green packaging solutions. I would like to congratulate Douglas and his team on the Series B Round and look forward to Evanesce deploying the CAD 10.1 million of capital toward achieving scale without comprising on its goal of providing sustainable products to help the environment,” said Tony Harris, Chief Executive Officer and Chairman of GOAT. “GOAT is committed to supporting Evanesce’s vision of disrupting the sustainable packaging market. Our investment in Evanesce is a strong example of a satisfying outcome of GOAT’s due diligence process for early-stage, ESG-focused companies,” said Mr. Harris.

ABOUT BILLY GOAT BRANDS

Billy Goat Brands is a venture capital platform focused on investing in high-potential companies operating in the blue economy. It intends to accomplish these goals through the identification of and investment in the securities of private businesses that are involved in the food and beverage industry, with a focus on: (i) plant-based protein, (ii) functional foods, (iii) food technology, and (iv) fermented foods. The Company plans to generate returns on its investments through various outcomes, including but not limited to go-public transactions, mergers or acquisitions, and the other liquidity events of its investee companies or projects. The paramount goal of Billy Goat Brands will be to generate maximum returns from its investments in a manner consistent with its environmental, social and governance values.

For more information about the Company, please visit https://billygoatbrands.com/. Its final prospectus, financial statements and management’s discussion and analysis, among other documents, are all available on the Company’s profile page on SEDAR at www.sedar.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

On behalf of:

Billy Goat Brands Ltd.

“Tony Harris”

Tony Harris, CEO & Chairman

Tel: (778) 991-6135

For further information, please contact:

Investor Relations

Email: [email protected]

Tel: 1-833-4-GOAT-IR (1-833-446-2847)

CAUTIONARY STATEMENT REGARDING “FORWARD-LOOKING” INFORMATION

This news release contains certain forward-looking statements within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. All such forward-looking statements involve substantial known and unknown risks and uncertainties (including those risk factors identified in the Company’s prospectus dated September 8, 2021), certain of which are beyond the Company’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect and the actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Endnotes:

  1. Four key trends that will shape the future of packaging to 2028, (2021, November 08). Smithers. smithers.com/resources/2019/feb/future-packaging-trends-2018-to-2028.

SOURCE: Billy Goat Brands Ltd.