MONTREAL , March 12, 2021 /CNW Telbec/ - Lumiera Health Inc. (TSXV: NHP) (the " Company " or " Lumiera "), a company specializing in the development and commercialization of evidence-based botanical products for the healthcare industry, is pleased to announce that the annual consolidated financial statements and management's discussion and analysis for the year ended November 30, 2020 have been approved at the Board of Directors meeting ("Board") which was held on March 10, 2021 and have now been published on SEDAR.
Shares for Debt Settlement and Amendment to Note
In connection with the Company's efforts to preserve cash in order to drive business growth, the Company announces that it has entered into an agreement to issue shares in settlement of a debt of $50,000 representing fees relating to the signature of an amendment to the Note payable with its secured arm's length lender. As consideration for the settlement of the fees, the Company will issue a total of 833,333 common shares at a deemed price of $0.06 per share. The shares will be subject to a restricted period of four months and one day from the date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
As part of the amendment agreed with the lender, the Company is reimbursing $280,000 in capital and will now start to make monthly payments of $10,000 to reduce the principal amount owing under the Note. In addition, the Company and the lender agreed to extend certain of the covenants in order to allow some time for the Company to execute on its business plan.
The issuance of the shares for debt settlement is subject to final approval by the TSX Venture Exchange.
Management change
Mario Paradis has informed the Board that he has decided to step down from his role as CFO and Director of the Company. Mr. Paradis will continue to support the business through the transition period as a financial consultant. Following the departure of Mario Paradis , Simon Castonguay has been appointed as the interim CFO of the Company. Mr Castonguay is currently the Corporate Controller of Lumiera and has been employed by the Company since November 1 st , 2020. Mr. Castonguay is a CPA, CA since 2015. He worked at Richter for five years as well as at Bell Media and Laurentian Bank where he held different positions in the finance departments of the foregoing companies.
"On behalf of the Board of Directors, we would like to thank Mario Paradis for all his contributions, and we greatly appreciate his offer to support the business through the transition. " said Kevin Cole , Chairman of the Board of Lumiera.
About Lumiera Health Inc.
Lumiera specializes in the development and commercialization of evidence-based botanical products for the healthcare industry. The Company sells both oral and topical botanical agents to help manage unmet medical needs through its Holizen Laboratories division. Lumiera is also developing and commercializing a unique portfolio of products acting on the endocannabinoid system and providing innovative solutions for chronic pain and inflammation. The Company is a pioneer in the health and pain management innovation space and the Lumiera brand is rooted in the core brand values of science, nature and compassion. Passionate about making people feel better, we deliver trustworthy and scientifically proven solutions that work with the body's own system.
For more information visit: www.lumiera.ca .
Neither the 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.
Forward-looking information
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions indicate such "forward-looking information" as they relate to Lumiera. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Lumiera' current views and intentions with respect to future events, and current information available to Lumiera, and are subject to certain risks, uncertainties and assumptions. Such risks and uncertainties include, among others, the risk factors included in Lumiera' annual management's discussion and analysis for the year ended November 30, 2019 , which is available under the issuer's SEDAR profile at www.sedar.com . Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Lumiera in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Lumiera does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Lumiera undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
SOURCE Mondias Natural Products Inc.
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