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Naturally Splendid Enterprises (FWB:50N,TSXV:NSP) has completed its previously announced private placement financing through the issuing of 6,843,500 units at $0.20 per unit for gross proceeds of $1,368,700. Net proceeds from the financing will be used for inventory financing, equipment and facilities, regulatory filings in the US and Canada and general corporate purposes.
As quoted in the press release:
Each Unit is comprised of one common share of Naturally Splendid and one-half of one common share purchase warrant (each whole share purchase warrant a “Warrant”), with each whole Warrant entitling the holder to purchase one additional common share at $0.30 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 average closing price of Naturally Splendid’s common shares is equal to, or greater than $0.40 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.
Click here to read the Naturally Splendid (TSXV:NS) press release
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