NewsNaturally Splendid Closes Initial Tranche for $655,789 V.NSP | 54 minutes ago (TheNewswire) VANCOUVER, British Columbia / TheNewswire / Aug. 23, 2017 -- Naturally Splendid Enterprises Ltd. (Naturally Splendid) (TSX-V:NSP) (OTCQB:NSPDF) (Frankfurt:50N) is pleased to announce that it has closed the initial tranche of its previously announced private placement financing by issuing a total of 3,643,277 units (the Units) for gross proceeds of $655,789 . 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 $0.27 per share for a period of two years from the date of the 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 Splendids common shares is equal to or greater than $0.40 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 initial tranche of the financing, Naturally Splendid paid finders a cash commission totaling $8,640 and issued a total of 48,000 finders warrants. Each finders warrant is on the same terms as the Warrants. The securities issued under the financing will be subject to a hold period expiring on December 24, 2017 pursuant to applicable securities laws and the rules of the TSX Venture Exchange. Directors and officers of the Company subscribed for 692,944 Units under the financing. As a result, the issuance of Units to directors and officers is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Naturally Splendid is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders did not exceed 25% of the fair market value of Naturally Splendid's market capitalization. Proceeds of the financing will be used for product development, working capital, corporate purposes as well as, final closing of the Prosnack acquisition. Naturally Splendid CEO, Dave Eto reports, while finalizing the acquisition, its business as usual at Prosnack. I am pleased with the progress Prosnack is making on multiple national accounts and Im confident in securing additional business from new clients in the near future from these negotiations. Additionally, Alan Maddox who has been appointed Executive Vice President of Sales and Marketing upon the closing of the transaction, has begun the process of introducing the NATERA hemp food line to his extensive network of contacts. In several cases, this will be the first time NATERA has been exposed to these national accounts. The acquisition of Prosnack is indicative of our corporate strategy to leverage the synergies between companies to increase top and bottom line revenue. Leveraging the packaging equipment in the Pitt Meadows facility will provide healthy margins for a competitively priced product line up and we are eager to be a significant player in the Canadian and US marketplace. Read more at https://www.stockhouse.com/news/press-releases/2017/08/23/naturally-splendid-closes-initial-tranche-for-655-789#VbyEM8MuPoRdLZSo.99