09:48:16 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Naturally Splendid Enterprises Ltd
Symbol NSP
Shares Issued 141,438,513
Close 2020-04-17 C$ 0.035
Market Cap C$ 4,950,348
Recent Sedar Documents

Naturally Splendid arranges $1.5M private placement

2020-04-20 11:32 ET - News Release

Mr. Craig Goodwin reports

NATURALLY SPLENDID ANNOUNCES PRIVATE PLACEMENT

Naturally Splendid Enterprises Ltd. has arranged a non-brokered private placement financing of up to 42,857,143 units at a price of 3.5 cents per unit for gross proceeds of up to $1.5-million.

Each unit in the non-brokered private placement consists of one common share of Naturally Splendid and one common share purchase 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 5.5 cents 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 10 cents 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 to existing security holders pursuant to B.C. Instrument 45-534 and to certain subscribers pursuant to B.C. Instrument 45-536. 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. 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 toward the company's 100-per-cent-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 financing 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 chief executive officer 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 pro-active 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.

Naturally Splendid 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, Natera Hemp Foods, CHII, Elevate Me and Woods Wild Bar.

We seek Safe Harbor.

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