Mr. Stuart Lowther reports
ELEMENT ANNOUNCES DEBT SETTLEMENT
Element Nutritional Sciences Inc. has entered into a debt settlement agreement with an arm's-length lender (the creditor), pursuant to which the company has agreed to settle $272,587.47 in outstanding debt in exchange for the issuance of 3,634,499 common shares of the company to the creditor. In connection with the debt settlement, the creditor and the company have agreed to terminate the loan agreement between the creditor and the company dated Oct. 31, 2022, and amended July 4, 2023, and release Element Nutrition Inc., a wholly owned subsidiary of the company, from its obligations as a guarantor under the loan agreement. Any securities issued in connection with the debt settlement will be subject to a hold period of four months and one day.
About Element Nutritional Sciences Inc.
Element is an innovative and research driven Canadian nutraceutical company specializing in the development of patented and science-based products for the global consumer packaged goods market, with a portfolio focused specifically muscle health. Element's lead product, Rejuvenate, is a patented proprietary formulation that is clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Element also offers Promino, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and accelerate recovery from injury. Element was founded in 2015 and is located in Burlington, Ont.
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