Bullboard - Stock Discussion Forum Promino Nutritional Sciences Inc. C.MUSL

Alternate Symbol(s): MUSLF

Promino Nutritional Sciences Inc., formerly Element Nutritional Sciences Inc., is a research-driven Canadian nutraceutical company. The Company is specializing in the development of science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. The Company's lead product, Rejuvenate, is a formulation that is clinically proven to... see more

CSE:MUSL - Post Discussion

Promino Nutritional Sciences Inc. > $ELMT closing offering for gross proceeds of $3.5M!

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Post by waves1 on May 06, 2022 4:41pm

$ELMT closing offering for gross proceeds of $3.5M!

Element Nutritional Sciences ($ELMT.c) just announced the closing of its short form prospectus offering raising gross proceeds of $3.5M! $ELMT plans to use the net proceeds from the offering for marketing expenses, research and development, and general working capital.

https://nationalpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/element-nutritional-sciences-announces-closing-of-3-5-million-financing

This news comes shortly after $ELMT reported its financial results for FY 2021; highlights include:

Increase in generated revenue of 156% to $2.4M w/ gross margin of $0.2M
Decrease in net loss from $2.5M to $1.3M
Added over 1,200 points of distributions
Launched JAKTRX Promino with a higher dosage formulation for sports nutrition market
Received a global Patent Cooperation Treaty for the amino acid formulation in Rejuvenate

These are significant results for $ELMT as they expanded their distribution footprint through large retail partnerships, accelerating sales volume through retail and e-commerce channels and developed new product formats.

https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/element-nutritional-sciences-reports-q4-and-fiscal-2021-results

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