Mr. Joel Dumaresq reports
ORION NUTRACEUTICALS CLOSES SECOND TRANCHE OF
NON-BROKERED PRIVATE PLACEMENT
Orion Nutraceuticals Inc. has completed a second tranche of its non-brokered private placement through the issuance of 20 million units of the company at a price of 15 cents per unit for gross proceeds of $3-million. Each unit consists of one common share of the company and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share at a price of 40 cents per share for a period of two years from the date of issuance, subject to an accelerated expiry if the 10-day volume weighted average price of the company's shares is greater than 80 cents per share on the Canadian Securities Exchange. The company will give notice to the holders of the acceleration event and the warrants will expire 30 days thereafter. A news release advising of the acceleration event will constitute notice.
In connection with the second tranche, the company paid finders' fees of a total sum of $7,199.70 in cash and issued an aggregate 1,068,001 shares and 1,115,998 share purchase warrants.
All securities issued in connection with the private placement will be subject to a four-month hold period under securities laws. The company intends to use the net proceeds from the private placement to execute the company's general working capital purposes.
About Orion Nutraceuticals Inc.
Orion Nutraceuticals aims to set a new standard in cannabis life science by producing and developing innovative products with key strategic partners in the industry. In conjunction with its professional sports partnerships, the company is poised to advance research and development in the plant science sector, deliver science-based products and services, and market cannabidiol therapies to the mainstream with proprietary brands and products.
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