(via TheNewswire)
Vancouver, British Columbia - TheNewswire - Apri1 20, 2020 - Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company") (FRANKFURT:50N) (TSXV:NSP) (OTC:NSPDF) announces a non-brokered private placement financing of up to 42,857,143 Units (each a "Unit") at a price of $0.035 per Unit for gross proceeds of up to $1,500,000 (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 $0.055 per share. 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 $0.10 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. There is no minimum amount to the Offering. The Offering will be completed to "accredited investors" pursuant to National Instrument 45-106 - Prospectus and Registration Exemptions ("NI 45-106"), to existing security holders pursuant to BC Instrument 45-534 - Exemption from prospectus requirement from certain trades to existing security holders ("BCI 45-534") and to certain subscribers pursuant to B.C. Instrument 45-536 - Exemptions from prospectus requirement for certain distributions through an investment dealer. The Offering of securities pursuant to BCI 45-534 is being made to existing security holders who held shares of Naturally Splendid on April 17, 2020 (the "Record Date"). Naturally Splendid confirms that there is no material fact or material change regarding Naturally Splendid that has not been generally disclosed. In the event that Naturally Splendid receives subscriptions above the maximum, Naturally Splendid will adjust the subscriptions received on a pro-rata basis.
The proceeds of the Offering will be directed primarily towards the Company's 100% owned Prosnack Safe Quality Food Level 2 (SQF2) Certified food manufacturing facility. Funds will be used to adapt standard operating procedures (SOPs) taking into consideration challenges presented by the pandemic, pay outstanding management fees of $125,000 and for general working capital purposes to support the food supply chain by manufacturing safe, nutritious, non-perishable bars and bites.
This funding will enable the Company to acquire additional ingredients, as well as cleaning and safety supplies necessary during these times. While securing these funds, the Company is concurrently reviewing and applying to applicable support programs being established by federal and provincial governments.
Naturally Splendid CEO Mr. J. Craig Goodwin states, "We find ourselves in one of the most challenging times most of us have ever witnessed and hopefully will ever go through. The ongoing pandemic has altered our day to day lives considerably and this includes the food supply chain. We remain committed to producing nutritious food in our SQF2 certified facility and doing our part to support the food supply chain. In this regard, we have been proactive in developing additional SOPs for the safety of our employees, the facility, as well as consumers. While provincial and federal government programs continue to be rolled out supporting essential services such as food processors like ourselves, these programs take time to be initiated and made operational. Naturally Splendid has submitted information to several of these programs, continues to monitor these evolving opportunities closely and will include these programs in our strategic plans where applicable. We would like to thank all essential workers for their dedication and encourage everyone to follow guidelines established by our health authorities".
About Naturally Splendid Enterprises Ltd.
NSE owns and operates a Safe Quality Food Level 2 food manufacturing facility and has established numerous healthy, functional foods under recognized brands such as Natera Sport(TM), Natera Hemp Foods, CHII (TM), Elevate Me(TM) and Woods Wild Bar. The Company has a myriad of new products and line extensions under development that are approaching launch. NSE has also developed proprietary technologies for the extraction of high demand, healthy omega 3 and 6 oils from hemp. (NSE sales revenues for the first half 2019 exceeded FY2018).NSE is the current "go-to" manufacturer for healthy, functional food products and ingredients focusing on plant-based ingredients. The Company provides contract manufacturing services for many global healthy food companies, private labelling a wide variety of nutritional food products destined for global healthy food markets.
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, President, 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; customers will complete on sales contracts; 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.
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