08:16:28 EDT Fri 29 Mar 2024
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Naturally Splendid Enterprises Ltd
Symbol NSP
Shares Issued 184,295,672
Close 2020-09-21 C$ 0.06
Market Cap C$ 11,057,740
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Naturally Splendid closes $1.05M financing

2020-09-21 09:31 ET - News Release

Mr. J. Craig Goodwin reports

NATURALLY SPLENDID CLOSES PRIVATE PLACEMENT, SECURES LABORATORY FACILITY

Naturally Splendid Enterprises Ltd. has closed its non-brokered private placement financing for a total of 17,554,168 units at six cents per unit, for total gross proceeds of $1,053,250. Due to oversubscribed demand, the private placement financing was increased from 14,166,667 units to 17,554,168.

Each unit consists of one common share of Naturally Splendid and one-half of a 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 10 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 15 cents for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after Naturally Splendid issues a news release announcing that it has elected to exercise this acceleration right.

In connection with the initial tranche of financing, Naturally Splendid paid finders a cash commission totalling $7,432 and issued a total of 123,867 finder's warrants. Each finder's warrant has the same terms and conditions as the warrants.

The securities issued under the financing will be subject to a hold period expiring on Jan. 16, 2021, pursuant to applicable securities laws and the rules of the TSX Venture Exchange.

Proceeds of the offering will be directed toward the recently announced joint venture with Biologic Pharmamedical Research for lab and office space in preparation for a phase 2 clinical trial for a potential COVID-19 treatment featuring the target drug Cavaltinib, as well as toward the company's 100-per-cent-owned Prosnack Natural Foods, safe quality food 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 purposes which will continue to support the food supply chain by manufacturing safe, nutritious, non-perishable bars and bites.

The name of the joint venture with Biologic is Plasm Pharmaceutical Inc. Plasm has been granted certain rights from Biologic's patents as it relates to applications for treating COVID-19 infections. The categories to be licensed will include, but are not limited to, COVID-19 applications, as well as additional respiratory indications that may arise out of the fast-tracked phase 2 clinical trial.

Previously, Naturally Splendid announced that Health Canada had issued a no objection letter for Cavaltinib, the target drug, in response to the clinical trial application as prepared by Biologic. The company awaits further direction from Health Canada.

Biologic chief executive officer Franco Cavaleri states: "In addition to pursuing a COVID-19 treatment, there is optimism that the trial and the ensuing bench work will help expand the indications for Cavaltinib to respiratory conditions such as asthma and COPD; and reveal mechanisms of activity that justify the results we've seen in cases of autoimmune diseases like colitis, Crohn's and rheumatoid arthritis. We have been working with Naturally Splendid for over two years and are excited to expand this relationship through the Plasm joint venture."

Plasm's website has been launched.

Company chief executive officer J. Craig Goodwin states: "While pursuing the COVID-19 treatment clinical trial, the company continues its role in the food supply chain manufacturing plant-based bars and bites. Food facilities with certifications such as our safe quality food designation have never been more valuable and the demand for plant-based foods, have never been higher. It's worth noting that even Cavaltinib the target drug for our COVID-19 clinical trial is originated from plants. The company continues to seek opportunities to expand our plant-based offerings and look forward to updates in the near future. The plant-based food category is growing at a rate outpacing traditional food channels and we expect this trend to continue postpandemic times, and we will continue to position the company to participate in this rapidly growing category."

About Naturally Splendid Enterprises Ltd.

The company operates a safe quality food Level 2 certified food manufacturing facility just outside Vancouver, B.C., in Canada. The company established numerous healthy, functional foods under recognized brands such as Natera Sport, Natera Hemp Foods, CHII, Elevate Me and Woods Wild Bar. The company has a myriad of new products and line extensions under development that are approaching launch. It has also developed proprietary technologies for the extraction of high-demand, healthy omega 3 and six oils from hemp. The company 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.

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