Mr. Howard Steinberg reports
MYM CLOSES FIFTH TRANCHE OF NON-BROKERED PRIVATE PLACEMENT AND ISSUES SHARES ASSOCIATED WITH RECEIVING CULTIVATION LICENSE
MYM Nutraceuticals Inc. has closed the fifth tranche of the non-brokered private placement previously announced on Jan. 14, 2020. The fifth tranche issued 2,327,142 units at a price of $0.06 per unit for gross proceeds of $139,628.52. There were no finders' fees payable on this tranche.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.10 for a period of three years from the issue date. The warrants are subject to an acceleration provision that allows the Company to give notice of an earlier expiry date if the Company's weighted average share price on the CSE (or such other stock exchange the Company may be trading on) is equal or greater than $0.20 for a period of 10 consecutive trading days.
The offering was priced in the context of the market based on a price reservation made by the Company with the Canadian Securities Exchange ("CSE"). The private placement is subject to the approval of the CSE and the securities will be subject to a four-month hold period under securities laws. The Company intends to use the net proceeds from the private placement for working capital purposes.
Further to the Company's news releases dated February 1, 2017, May 4, 2018 and January 31, 2020, the Company announces that it has issued an aggregate of 952,000
common shares of the Company ("
") at a deemed price of $0.09 per Share in connection with the Company's subsidiary, Sublime Culture Inc., receiving its cultivation license (the "
") from Health Canada to produce at its indoor facility located in Laval, Quebec. The Shares were issued pursuant to certain agreements that provide for contingent payments through the issuance of Shares upon Sublime receiving the License.
All Shares issued in connection with the License are subject to a minimum four-month hold period as required by Canadian securities laws and the issuance of such Shares is subject to approval of the Canadian Securities Exchange (the "CSE").
About MYM Nutraceuticals Inc.
MYM is a licensed cannabis producer in Canada. We are uniquely positioned to opportunistically acquire and/or invest in companies within the cannabis and hemp industries that are in need of capital and management support. Our senior management team is made up of experts engaged in a wide array of disciplines - upper level management of public companies, finance, law, master growing, plant pathology, agricultural economics, pharmaceutical, engineering, global marketing, product development and branding, distribution and seed genetics. MYM is a shareholder in two production projects in Quebec and is actively looking to acquire complementary businesses and assets in the cannabis sector
We seek Safe Harbor.
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