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Lifeist Wellness Inc
Symbol LFST
Shares Issued 456,057,773
Close 2023-05-19 C$ 0.045
Market Cap C$ 20,522,600
Recent Sedar Documents

Lifeist closes $167,125 tranche of private placement

2023-05-19 17:11 ET - News Release

Mr. Meni Morim reports

LIFEIST ANNOUNCES CLOSING OF NON-BROKERED DEBT FINANCING

Lifeist Wellness Inc. has closed a tranche of the non-brokered private placement of secured convertible debentures originally announced on March 16, 2023, for aggregate gross proceeds to the company of $167,125. The company intends to use the proceeds from the offering to help fuel expansion of Lifeist's cannabis and nutraceuticals businesses, CannMart Inc. and Mikra Cellular Sciences Inc.

The debentures sold in the offering carry a principal amount of $208,906 including an original issuance discount, will not bear interest and mature on May 18, 2024. Holders of the debentures will be entitled to convert the funded amount of the debentures at any time on or prior to the maturity date at a deemed price of five cents per unit, consisting of one common share and one warrant, with each warrant exercisable by the holder to acquire one additional share at 5.625 cents per share until May 18, 2026, subject to standard adjustments. The repayment of the principal amount of the debentures will be secured by a security agreement over specific equipment of the company. This offering is part of an offering by the company of debentures to raise up to a maximum of $800,000, to be completed in one or more tranches as the company may determine. Completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals. There can be no assurance that the offering will be completed, whether in whole or in part.

There are no finders' fees associated with the offering. Closing of the offering is subject to regulatory approval, including that of the TSX Venture Exchange.

The debentures were offered and sold by private placement in Canada pursuant to exemptions from the prospectus requirements under National Instrument 45-106 -- Prospectus Exemptions.

About Lifeist Wellness Inc.

Sitting at the forefront of the postpandemic wellness revolution, Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness. Portfolio business units include CannMart, which operates a business-to-business wholesale distribution business facilitating recreational cannabis sales to Canadian provincial government control boards including for CannMart Labs, a BHO (butane hash oil) extraction facility producing high-margin cannabis 2.0 products; Australian Vaporizers, one of Australia's largest on-line retailers of vaporizers and accessories; and Mikra, a biosciences and consumer wellness company developing and selling innovative therapies for cellular health.

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