The Very Good Food Company Announces Signing of Committed C$70 Million Credit Facility Non-Binding Term Sheet with Prominent Institutional Investment Firm

Committed C$20 million revolving line of credit and C$50 million term loan

Targeted at Accelerating Growth and Capacity Expansion Initiatives

The Very Good Food Company Inc. (CSE: VERY) (OTCQB: VRYYF) (FSE: 0SI) ("VERY" or the "Company") is pleased to announce that it has executed a non-binding term sheet (the "Term Sheet") with a prominent institutional lender for a committed C$70 million senior secured Credit Facility (the "Credit Facility").

Upon closing the proposed financing, VERY will have access to a senior secured C$20 million revolving line of credit and a C$50 million asset backed term loan. All amounts drawn under the Credit Facility will pay interest at a rate of 9.95% per annum and will be repaid in full upon maturity. The Credit Facility proposed will have a term of 24 months with an option to renew, upon mutual consent, for another 12 months and will be primarily secured by the Company's current and planned production equipment.

Financing Highlights

The proposed C$70 million Credit Facility will consist of a C$20 million revolving line of credit and a C$50 million senior secured asset backed term loan. Interest payments only on drawdowns and repayment upon maturity.

Accelerates the commissioning of the first two production lines in VERY's facility in California, estimated to be C$30 million with the purpose of scaling existing products already in the market with proven demand.

Significant financial flexibility to support VERY's eCommerce sales growth strategy in the US and in Europe as well as the Company's working capital requirements.

Strong financial commitment with competitive market terms, including a proposed single digit interest rate, from an institutional investor representing strong confidence in VERY's team, long-term growth strategy and product portfolio.

Low cost of capital, minimal dilutive effect, size and attractive pricing of the Credit Facility are consistent with VERY's commitment to generating shareholder value.

Long-term business partnership with a leading institutional lender interested in continuing to scale financing as VERY executes on its brand strategy through potential M&A opportunities and organic growth.

Mitchell Scott, CEO commented: "This proposed financing demonstrates VERY's ability to access capital markets, with favorable terms, based on strong fundamentals. We believe this financing signals that our business plan and sector have major growth potential which VERY is poised to execute upon to meet the existing and future demand for our products."

Closing of the Credit Facility is expected to occur on or about April 15, 2021 and is subject to, among other things, the completion of due diligence, negotiation and execution of a definitive agreement and the satisfaction of all closing conditions including obtaining regulatory approvals. Consideration for the Credit Facility is anticipated to include 225,000 common share purchase warrants of VERY at a 25% premium on the closing price as of the date of the first draw under the definitive agreement. The terms set out in any definitive agreement to be entered into between the parties may be different from those set out in the Term Sheet.

Atlas Capital Partners. ("Atlas") acted as exclusive financial advisor to VERY in respect of the financing. Atlas is a global merchant banking firm focused on investing, advising and partnering with leading companies in select global industries.

About The Very Good Food Company Inc.

The Very Good Food Company Inc. is an emerging plant-based food technology company. Our mission is to use progressive food technology to create plant-based meat and other food products that are delicious while maintaining a wholesome nutritional profile. To date we have developed a core product line under The Very Good Butchers brand.

For further information, please contact:

Mitchell Scott
Chief Executive Officer and Director

Investor Relations:

Edge Communications Group
Invest@verygoodbutchers.com
1-855-472-9841