MYM Nutraceuticals Inc. (CSE:MYM) (OTCBB: MYMMF) (“MYM”) is pleased to announce it has closed a non-brokered private placement consisting of 5,885,972 units at a price of $0.90 per unit for gross proceeds of $5,297,374.80.
Each unit in the private placement is comprised of one common share and one transferable share purchase warrant with each warrant exercisable into one additional common share at a price of $1.50 for a period of two years. The warrants are subject to an acceleration provision that allows the Company to give notice of an earlier expiry date if the Company’s share price on the Canadian Securities Exchange (or such other stock exchange the Company may be trading on) is equal or greater than $2.50 for 10 consecutive trading days. The securities will be subject to a four month and one day hold period under securities laws.
In connection with the private placement, the Company paid certain arm’s length finders Finder’s fees totaling $188,450.46.
The Company intends to use approximately $4,000,000 of the net proceeds from the private placement for the construction of the Weedon Project located in Weedon, Quebec and the remaining funds for general working capital and corporate purposes.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end medicinal cannabis supplements and topical products. MYM is a shareholder in two production projects in Quebec that are anticipated to have over 1.5 million square feet of production space. MYM is also a shareholder in two additional cannabis production projects in Australia and Colombia. The “Northern Rivers Project” in New South Wales, Australia is expected to have 1.2 million square feet of cannabis production space. In Colombia, MYM partner, Colombia Organica, currently hold a seed to sale license for low THC cannabis and are in the licensing process for the cultivation and production of high THC cannabis extracts. Plans are underway for MYM and Colombia Organica to build a cannabis production facility in the region. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE:MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Rob Gietl, CEO
MYM Nutraceuticals Inc.
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.