Naturally Splendid Receives $3.2 Million to Complete Private Placement

- November 8th, 2016

Naturally Splendid Enterprises Ltd. (TSXV:NSP) has closed the final tranche of its previously announced private placement financing by issuing a total of 11,834,720 units for gross proceeds of $3,195,374. Under the entire offering, the Company issued a total of 14,900,77 units for total gross proceeds of $4,023,209.

Naturally Splendid Enterprises Ltd. (TSXV:NSP) has closed the final tranche of its previously announced private placement financing by issuing a total of 11,834,720 units for gross proceeds of $3,195,374. Under the entire offering, the Company issued a total of 14,900,77 units for total gross proceeds of $4,023,209.
Each Unit is comprised of one common share of Naturally Splendid and one-half of one common share purchase warrant (“Warrant”), with each whole Warrant entitling the holder to purchase one additional common share at $0.35 per share for a period of two years from the date of 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 $0.45 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.
In connection with this final tranche of the financing, Naturally Splendid paid finders a cash commission totaling $94,224, issued 694,500 common shares and issued a total of 863,550 finder’s warrants. Each finder’s warrant is on the same terms as the Warrants.
The securities issued under the financing will be subject to a hold period expiring on March 8, 2017 pursuant to applicable securities laws and the rules of the TSX Venture Exchange.
Net proceeds of this financing will be used to retire all of the Company’s shareholder loans and related interest and will provide approximately $2.4 million of working capital for enhancement of the Company’s production capabilities, international market development and for general corporate purposes.
Craig Goodwin, CEO commented, “This financing gives Naturally Splendid the financial flexibility to move forward aggressively to capture existing sales prospects and advance our near term market opportunities. We can now advance sales prospects in the HempOmegatrademark, cannabinoid and bulk sales areas simultaneously.”
Read full press release.
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