NATURALLY SPLENDID ANNOUNCES PROPOSED PRIVATE PLACEMENT FINANCING
Each Unit will be comprised of one common share of Naturally Splendid and one common share purchase warrant (“Warrant”), with each Warrant entitling the holder to purchase one additional common share at $0.25 per share for a period of two years from the date of the issue. Naturally Splendid will have the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price of Naturally Splendid’s common shares is equal to, or greater than $0.35 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.
Subject to TSX Venture Exchange approval, Naturally Splendid may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
Proceeds of the Offering will be used for product development as well as for general working capital and corporate purposes.
Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
For more information contact:
J. Craig Goodwin
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control. Such factors include, among other things: risks and uncertainties relating to Naturally Splendid's ability to complete proposed private placement financing. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is currently focused on a line of hemp-based products available in a retail network of over 300 stores throughout British Columbia and into Alberta including; Save On Foods; Urban Fare; London Drugs; Marketplace IGA; and Sobeys. Naturally Splendid's existing products consist of; shelled hemp seeds; hemp protein; organic hemp oil; and hemp-based supplements.
Naturally Splendid received federal and provincial funding towards the research and development of new hemp-based food products, HempOmega™ and H2Omega™, as well as for a strategic study to assess the feasibility of vertical integration. Success with these programs has opened the door to further government funding and support. Naturally Splendid is dedicated to providing the highest quality natural superfoods and delivering them to the general public in a tasty, nutritious manner.
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture)
2435 Beta Avenue
Burnaby, BC, V5C 5N1
Phone: (604) 570-0902
Fax: (604) 570-0934
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