Post by
Marski101 on Mar 22, 2021 5:05pm
News
Toronto, Ontario--(Newsfile Corp. - March 22, 2021) - Nutritional High International Inc. (CSE: EAT) ("Nutritional High" or the "Company") is pleased to announce that on March 19, 2021 it has signed an assignment agreement with High Pita Corporation (the "Agreement"). Under the terms of the Agreement, the Company will assume all indebtedness due from Palo Verde to High Pita in the aggregate amount of US$1,884,355 together with accrued interest ("PV Debt"). The consideration which was issued today by the Company to High Pita for the assignment is comprised of: 2,000,000 common shares in the capital of Nutritional High ("Common Shares"); 4,000,000 warrants, convertible into Common Shares on a one for one basis, at an exercise price of Cdn$0.05 per Common Share until the date that is three years following the date of issuance; and a convertible debenture in the amount of Cdn$250,000 which matures two years from the date of issuance, bears an interest rate of 12% and is convertible into Common Shares at a price per Common Share of Cdn$0.05 (the "Convertible Debenture", together with the Share Consideration and Warrant Consideration, the "Assignment Consideration"). The above issuance relinquishes any rights or claims of ownership which High Pita has to the PV Debt. "With the closing of the acquisition of Palo Verde announced on March 18, 2021, and the execution of this Agreement, the PV debt will be eliminated upon consolidation of Palo Verde with the Company's financial statements," said Robert Wilson, the CFO of Nutritional High. About Nutritional High International Inc. Nutritional High is focused on developing and manufacturing branded products in the cannabis industry, with a specific focus on edibles and oil extracts for medical and adult recreational use. Th e Company works exclusively in jurisdictions where such activity is permitted and regulated by state law. Nutritional High has brought its flagship FLT edibles and vape product lines from production to market in various markets including Colorado where its award winning FLT products are manufactured. The Company signed a purchase agreement for California-based OutCo Labs and is expected to close this acquisition in the near term. The Company also owns Psychedelic Science which is working with Rangsit University in Thailand to consider the medical benefits of various psychedelic cacti. For updates on the Company's activities and highlights of the Company's press releases and other media coverage, please follow Nutritional High on Facebook, Twitter and Instagram or visit www.nutritionalhigh.com. For further information, please contact: Robert Wilson Chief Financial Officer Nutritional High International Inc. 416-666-4005 Email: rwilson@nutritionalhigh.com Caution Regarding Forward-Looking Information:
Comment by
old_dog on Mar 22, 2021 5:22pm
All in all not a bad deal for EAT, everything was done in the 5 cent range, This would be a exchange rule as you can't do anything under 5 cents any more but I do like the interest rate, it could have been higher. Now we will see how the market like it and we still have another deal to get done so things are coming together for some share price growth. old_dog