- Lifeist (LFST) has closed a non-brokered private placement of secured convertible debentures for aggregate gross proceeds f $100,000
- The company intends to use the proceeds to help fuel expansion of Lifeist’s cannabis and nutraceuticals businesses
- The debentures sold carry a principal amount of $117,647 including an original issuance discount of 15 per cent
- Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness
- Lifeist Wellness Inc. (LFST) opened trading at C$0.055 per share
Lifeist (LFST) has closed a non-brokered private placement of secured convertible debentures for aggregate gross proceeds f $100,000.
The company intends to use the proceeds to help fuel expansion of Lifeist’s cannabis and nutraceuticals businesses, CannMart, Inc (CannMart) and Mira Cellular Sciences Inc. (Mikra), and for general corporate purposes.
Meni Morim, CEO of Lifeist, commented on the news.
“Our ability to raise this growth capital at a premium to the current share price is directly tied to the recent progress CannMart has made with its in-house concentrates brand Roilty. It is a great vote of confidence in our cannabis business. Recent financial market challenges have made liquidity increasingly important. Lifeist is better capitalized today as we continue our path to profitability.”
The debentures sold carry a principal amount of $117,647 including an original issuance discount of 15 per cent. The debentures will not bear interest, and will mature on March 15, 2024.
Holders of the debentures can convert the funded amount of the debentures into common shares at $0.065, at any time on or prior to the maturity date. The repayment of the debentures principal amount will be secured by a security agreement over specific equipment of the company.
This offering is part of the company’s debenture offering to raise up to a maximum of $450,000 in one or more tranches. The debentures were offered and sold by private placement in Canada.
There are no warrants and no finders fees associated with the offering. Closing of the offering is subject to regulatory approval.
Lifeist leverages advancements in science and technology to build breakthrough companies that transform human wellness.
Lifeist Wellness Inc. (LFST) opened trading at C$0.055 per share.