VANCOUVER, BC / ACCESSWIRE / January 16, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V:NU)(OTCQB:NRXCF), (FRANKFURT:1N9) the innovator and pioneer behind neuenergy® is pleased to announce that it will not be proceeding with the proposed financing or consolidation as announced on December 18, 2019.
The Company will instead complete a non-brokered private placement offering (the "Offering"), of units (the "Units") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of up to $725,000. Subscriptions to the financing have been received and closing of an initial tranche is expected shortly.
Each Unit will consist of one common share of the Company and one-half-of-one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at price of $0.05 for a period of eighteen months from the date of issuance.
NeutriSci will use the net proceeds of the financing for production runs and launch of the Company's Dablets™ and Zenstix™ tabs in California, as well as for general working capital purposes.
Glen Rehman, CEO of NeutriSci, stated: "As we continue to focus on the launch of our products through our manufacturing and distribution partnerships in the US, South America and with ANB Canada in Canada, we have worked diligently to raise the financing required to permit the Company to execute on its growth plans. We look forward to completing this financing and moving the Company's plans forward."
The Company may pay a finder's fee to one or more arms' length parties who introduce the Company to subscribers, in accordance with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to the approval of the TSX Venture Exchange.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
Glen Rehman
CEO
Tel: (403) 264-6320
For investor inquiries, please contact investors@neutrisci.com.