VANCOUVER, British Columbia - TheNewswire - September 6 , 2019 -- Naturally Splendid Enterprises Ltd. ("Naturally Splendid") (TSXV:NSP) (OTC:NSPDF) (Frankfurt:50N) is pleased to announce that it has closed the non-brokered private placement financing announced on July 8, 2019, for a total of 6,019,427 units (the "Units") at $0.14 per Unit, for total gross proceeds of $842,740.72 (the "Offering").
Each Unit consists of one common share of Naturally Splendid and one-half of one common share purchase warrant (each a "Warrant"), with each whole Warrant entitling the holder to purchase one additional common share at $0.21 per share for a period of two years from the date of the issue. Naturally Splendid has 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 $0.35 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 closing of the Offering, Naturally Splendid paid finders a cash commission totaling $1,470 and issued a total of 10,500 finder's warrants. Each finder's warrant has the same terms and conditions as the Warrants.
The securities issued under the financing will be subject to a hold period expiring on January 7, 2020 pursuant to applicable securities laws and the rules of the TSX Venture Exchange.
Naturally Splendid continues to have ongoing discussions with AltenraMedz Canada Holdings Inc. and will provide an update regarding the transaction in due course. The proceeds from the Offering will be used toward the ongoing maintenance of Naturally Splendid's existing facilities and general working capital purposes until the completion of the transaction.
Naturally Splendid CEO Mr. J. Craig Goodwin states, "Due to current market conditions, we felt it prudent to close this financing as we are constantly assessing our strategy and analysing several significant opportunities. The Company continues to gain traction in sales of our Company Branded Products as well as increased purchase orders from our Contract Manufacturing clients. Closing the financing allows us to finalize open purchase orders as we prepare to attend the upcoming Canadian Health Food Association (CHFA) Expo East Trade Show in Toronto September 12th-15th, 2019. We look forward to meeting existing clients, developing new clients as we work in cooperation with our national brokers and distributors.
The CHFA Expo East is Canada's largest trade show dedicated to natural health, specialty and organic products with virtually every major retailer, broker and distributor being represented. Past CHFA events have proven to be very successful for Naturally Splendid and the Company anticipates another successful show.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a biotechnology and consumer products 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 focused on the commercial uses of industrial hemp, and once regulations allow, in permitting jurisdictions, this will include CBD (cannabidiol), and other cannabinoid compounds in a broad spectrum of applications.
For more information e-mail firstname.lastname@example.org or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Craig Goodwin
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; the ability to complete the sales of all bulk hemp seed purchase orders; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
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