(via TheNewswire)
VANCOUVER, British Columbia - TheNewswire - September 13, 2019 -- Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE") (TSXV:NSP) (OTC:NSPDF) (Frankfurt:50N) is pleased to announce a fully subscribed non-brokered private placement financing of up to 18,823,530 Units (each a "Unit") at a price of $0.085 per Unit for gross proceeds of up to $1,600,000 (the "Offering").
Each Unit in the non-brokered private placement consists of one common share of Naturally Splendid and one common share purchase warrant (each a "Warrant"), with each Warrant entitling the holder to purchase one additional common share for a period of two years from the date of the issue at an exercise price of $0.12 per share for the first year and $0.20 per share for the second year. Naturally Splendid has the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of Naturally Splendid's common shares is equal to or greater than $0.30 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 10 days after Naturally Splendid issues a news release announcing that it has elected to exercise this acceleration right.
Naturally Splendid may pay finders a fee in cash and/or share purchase warrants in connection with the Offering.
The proceeds of the Offering will be used to increase manufacturing capacity and general working capital purposes.
Naturally Splendid CEO Mr. J. Craig Goodwin states, "This funding will enable the Company to acquire additional production equipment for our food manufacturing facility in Pitt Meadows that will result in increased production capability. Prioritizing investment in additional manufacturing capacity facilitates NSE's ability to respond to increased sales potential. The Company plans to have this additional capacity functional in time for anticipated Purchase Orders derived from the Canadian Health Food Association (CHFA) Expo East in Toronto this upcoming weekend".
The Company will be featuring several products at Canada's largest natural products exhibition at CHFA Expo East September 14th and 15th including Natera(TM) Sport Bites and Natera(TM) Sport KEY TO LIFE Keto Bars. Virtually every major retailer across Canada as well as many international chains will have Product Buyer Representation at this event.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a biotechnology and consumer products company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient-dense foods, and related products. Naturally Splendid is focused on the commercial uses of industrial hemp, and once regulations allow, in permitting jurisdictions, this will include CBD (cannabidiol), and other cannabinoid compounds in a broad spectrum of applications.
For more information e-mail info@naturallysplendid.com or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
CEO, Director
Contact Information
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
E-mail: info@naturallysplendid.com
Website: www.naturallysplendid.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Copyright (c) 2019 TheNewswire - All rights reserved.