IPOS - Else Nutrition Announces US$2 Million Offering of Units Priced At-The-Market | Benzinga
VANCOUVER, British Columbia, June 26, 2024 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F) ("Else" or the "Company"), the Plant-Based baby, toddler, and children nutrition company, today announced that it has entered into an agreement with a single, healthcare-focused institutional investor for the purchase and sale of 13,245,033 Units (the "Units") of the Company (collectively, the "Offering"), which will be sold at an issue price of US$0.151 per Unit (the "Issue Price"), for aggregate gross proceeds of US$2 million. The Offering is scheduled to close on, or shortly after, June 28, 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange. The Company plans to use the net proceeds from the Offering to fund research and development, fund sales and marketing, acquire inventory, and for general corporate purposes.
Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase Warrant (a "Warrant"). Each Warrant will be exercisable immediately to acquire one Common Share at a price of US$0.151 per Common Share and will expire five years after issuance.
In connection with the Offering, the Company plans to file a prospectus supplement (the "Supplement") to its short form base shelf prospectus dated November 10, 2023 (the "Base Shelf Prospectus") with the securities commissions in each of the provinces of Canada, excluding Quebec.
The Preliminary Supplement and the Base Shelf Prospectus contain important detailed information about the Company and the proposed Offering. Prospective investors should read the Preliminary Supplement, the Base Shelf Prospectus and the other documents the Company has filed before making an investment decision. Copies of the Prospectus Supplement, following filing ...