Naturally Splendid Closes $1,686,650 Financing
July 17th, 2015
News, Top News
Naturally Splendid Enterprises (the “Company”) (NSP – TSX Venture) (NSPDF – OTCQB) (50N – Frankfurt) is pleased to announce it has closed the second tranche of its previously announced private placement financing. Together with the first tranche of the private placement financing, the Company has issued a total of 3,373,300 units (“Units”) at $0.50 per Unit for total aggregate gross proceeds of $1,686,650.
Each Unit is comprised of one common share of Naturally Splendid and one-half of one common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to purchase one additional common share at $0.75 per share for a period of two years from the date of issue. Naturally Splendid will have the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of Naturally Splendid’s common shares is equal to or greater than $1.00 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after Naturally Splendid issues a news release announcing that it has elected to exercise this acceleration right.
In connection with the first tranche of the financing, Naturally Splendid paid finders a cash commission totaling $36,532 and issued a total of 73,064 finder’s warrants. Each finder’s warrant is on the same terms and conditions as the Warrants. No additional finders fees or warrants were paid or issued in connection with the second tranche.
The securities issued in the second tranche of the financing will be subject to a hold period ending four months plus one day after the date of closing pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
Proceeds of the financing will be used for product development and working capital and corporate purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Naturally Splendid’s securities in the United States.
Issuance of Shares Under Management Consulting Agreement
Naturally Splendid also announces that it has issued 125,000 common shares at a deemed price of $0.51 per share to David Racz, pursuant to the terms of his management consulting agreement. Mr. Racz is the President of Naturally Splendid’s wholly owned subsidiary, Naturally Splendid Enterprises USA Ltd., and also acts on the board of directors for Naturally Splendid. The shares issued to Mr. Racz represent the first installment of a total of 625,000 common shares to be issued to Mr. Racz during the term of his management consulting agreement.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a multifaceted biotechnology company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient-dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications. Naturally Splendid currently has four innovative divisions: (1) Natera(TM) brand of retail hemp superfood products currently distributed throughout North America; (2) PawsitiveFX(TM) brand of pet care products; (3) BCI(TM) division of plant-derived bulk ingredients including patent-pending HempOmega(TM); and (4) hemp-based cannabinoid pharmaceuticals and nutraceuticals. The Company’s advanced technologies, industry expertise, and strategic partners allow for the creation of customized solutions with a consistent focus on quality and sustainability.
For more information e-mail [email protected] or call 604-673-9573.
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