NSPDF - Naturally Splendid Closes Private Placement Secures Laboratory Facility
(TheNewswire)
VANCOUVER, British Columbia - TheNewswire - September 21, 2020 -- Naturally SplendidEnterprises Ltd. ("Naturally Splendid") (TSXV:NSP) (OTC:NSPDF) (Frankfurt:50N) ispleased to announce that it has closed its non-brokered privateplacement financing for a total of 15,887,503 units (the"Units") at $0.06 per Unit, for total gross proceeds of $1,053,250 (the"Offering"). Due to oversubscribed demand, the privateplacement financing was increased from 14,166,667 Units to17,554,167.
Each Unit consists of one common shareof Naturally Splendid and one half of a common share purchase warrant(each a "Warrant"), with each Warrant entitling the holderto purchase one additionalcommon share for a period of two years from the date of the issue atan exercise price of $0.10 per share. Naturally Splendid has the right toaccelerate the expiry date of the Warrants if, at any time, theaverage closing price of Naturally Splendid's common shares is equalto or greater than $0.15 for 10 consecutive trading days. In theevent of acceleration, the expiry date will be accelerated to a datethat is 30 days after Naturally Splendid issues a news releaseannouncing that it has elected to exercise this acceleration right.
In connection with the initial trancheof financing, Naturally Splendid paid finders a cash commissiontotaling $7,432 and issued a total of 123,867 finder's warrants. Each finder's warrant has the same terms and conditions as theWarrants.
The securities issued under thefinancing will be subject to a hold period expiring on January 16,2021 pursuant to applicable securities laws and the rules of the TSXVenture Exchange.
Proceeds of the Offering will bedirected towards the recently announced joint venture with Biologic Pharmamedical Research("Biologic") for lab and office space in preparation for aphase 2 clinical trial for a potential COVID-19 treatment featuringthe target drug Cavaltinib TM , as well astowards the Company's 100% owned Prosnack Natural Foods, Safe QualityFood Level 2 (SQF2) Certified food manufacturing facility.Additionally, funds will be used to pay outstanding management fees,retire corporate indebtedness and for general working capital purposeswhich will continue to support the food supply chain by manufacturingsafe, nutritious, non-perishable bars and bites.
The name of the joint venture withBiologic is Plasm Pharmaceutical Inc. ("Plasm"). Plasm hasbeen granted certain rights from Biologic's patents as it relates toapplications for treating COVID-19 infections. The categories to belicensed will include, but are not limited to COVID-19 applications,as well as additional respiratory indications that may arise out ofthe fast-tracked phase 2 clinical trial.
Previously, Naturally Splendidannounced that Health Canada had issued a No ObjectionLetter forCavaltinib TM , the targetdrug, in response to theClinical Trial Application as prepared by Biologic. The Company awaitsfurther direction from Health Canada.
Biologic CEO Mr. Franco Cavaleristates , " In addition to pursing aCOVID-19 treatment, there is optimism that the trial and the ensuingbench work will help expand the indications for Cavaltinib(TM) torespiratory conditions such as asthma and COPD; and reveal mechanisms of activity that justify the results we'veseen in cases of autoimmune diseases like colitis, crohn's andrheumatoid arthritis. We have been working with Naturally Splendid forover two years and are excited to expand this relationship through thePlasm joint venture ."
Plasm's website has been launched andcan be found at: www.plasmpharma.com
Company CEO Mr. J. Craig Goodwinstates, " While pursuing the COVID-19 treatment clinical trial, the companycontinues its role in the food supply chain manufacturing plant-basedbars and bites. Food facilities with certifications such as our SafeQuality Food designation have never been more valuable and the demandfor plant-based foods, have never been higher. It's worth noting thateven Cavaltinib TM the target drug for ourCOVID-19 clinical trial is originated from plants. The Companycontinues to seek opportunities to expand our plant-based offeringsand look forward to updates in the near future. The plant-based foodcategory is growing at a rate outpacing traditional food channels andwe expect this trend to continue post pandemic times and we willcontinue to position the Company to participate in this rapidlygrowing category ."
About Naturally Splendid EnterprisesLtd.
NSE operates a Safe Quality Food Level2 certified food manufacturing facility just outside Vancouver, BC inCanada. We have established numerous healthy, functional foods underrecognized brands such as Natera Sport(TM), Natera Hemp Foods, CHII(TM), Elevate Me(TM) and Woods Wild Bar. The Company has a myriad ofnew products and line extensions under development that areapproaching launch. NSE has also developed proprietary technologiesfor the extraction of high demand, healthy omega 3 and 6 oils fromhemp. NSE is the current "go-to" manufacturer for healthy,functional food products and ingredients focusing on plant-basedingredients. The Company provides contract manufacturing services formany global healthy food companies, private labelling a wide varietyof nutritional food products destined for global healthy foodmarkets.
For more information e-mail info@naturallysplendid.com or callInvestor 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; 50NFrankfurt)
#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-lookingstatements that are based on assumptions as of the date of this newsrelease. These statements reflect management's current estimates,beliefs, intentions and expectations. They are not guarantees offuture performance. Naturally Splendid cautions that all forwardlooking statements are inherently uncertain and that actualperformance may be affected by a number of material factors, many ofwhich are beyond Naturally Splendid's control including, NaturallySplendid's ability to compete with large food and beverage companies;sales of any potential products developed will be profitable; sales ofshelled hemp seed will continue at existing rates or increase; theability to complete the sales of all bulk hemp seed purchase orders;and the risk that any of the potential applications may not receiveall required regulatory or legal approval. Accordingly, actual andfuture events, conditions and results may differ materially from theestimates, beliefs, intentions and expectations expressed or impliedin the forward-looking information. Except as required underapplicable securities legislation, Naturally Splendid undertakes noobligation 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 THISRELEASE.
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