Good Natured Products Inc V.GDNP.H

Update Re Offering

[mydividends]

Vancouver, British Columbia--(Newsfile Corp. - May 12, 2022) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®"), a North American leader in plant-based products, announced that the Company, and Beacon Securities Limited and National Bank Financial Inc., the co-lead underwriters for the previously announced bought deal offering of units (the "Offering") of the Company as described in the Company's press releases of May 4, 2022 and May 5, 2022, have mutually agreed to terminate the Offering.Following the press release dated May 9, 2022, good natured® was seeking a 5 business day extension of the time period to file the prospectus supplement for the Offering. However, the Company has notified the underwriting syndicate for the Offering that despite its best efforts, the Company will not be able to prepare and file a prospectus supplement to its base shelf prospectus dated January 19, 2022 on or before Fr iday May 13, 2022.  The Company remains in discussions with its primary lender regarding a plan to resolve an apparent breach of its fixed charge coverage ratio (FCCR) covenant for the period ended December 31, 2021. A confirmed breach of the FCCR covenant would impact the classification of debt obligations in the Company's financial statements for the year ended December 31, 2021 as filed on May 2, 2022. So no new shares issued?? For now... seems like they have accounting issues to deal with first ...