- Lifeist Wellness Inc. (LFST) has completed a second tranche payment of $260,335 for its draw-down equity facility with Alumina Partners Ltd.
- The companies previously signed an equity financing facility for up to $8 million
- Lifeist can draw down capital on an as-needed basis to help minimize dilution
- Under the second tranche, Lifeist issued roughly 4.62 million of its units at a price of $0.05625 per unit
- The proceeds of this second tranche will be used for general corporate purposes
- Lifeist Wellness Inc. (LFST) is unchanged, trading at $0.07 per share as of 11:36 a.m. EST
Health-tech company, Lifeist Wellness Inc. (LFST), has completed a second tranche payment of $260,335 for its draw-down equity facility with Alumina Partners Ltd.
Lifeist and Alumina Partners previously signed an equity financing facility for up to $8 million. Under the facility, Lifeist can draw down capital on an as-needed basis to help minimize dilution.
In connection with the closing of the second tranche, Lifeist issued roughly 4.62 million of its units at a price of $0.05625 per unit for a total of $260,335. Each unit included one common share of Lifeist and one transferable share purchase warrant, which can be used to acquire one additional common share at a price of $0.09375 for three years.
The warrants are subject to an acceleration facility that allows Lifeist to give notice of an earlier expiry date if the 10-day volume weighted average price of its common shares is equal to or greater than $0.1875.
The proceeds of this second tranche will be used for general corporate purposes, including growth investments for the company’s bioscience subsidiary, Mikra.
Meni Morim, CEO of Lifeist, commented,
“This equity growth capital will help facilitate a successful and timely launch of Mikra’s U.S national distribution agreement with health and wellness retail giant GNC
Lifeist leverages advancements in science and technology whose portfolio assets include cannabis companies CannMart and CannMart Labs and Australian Vapes and Mikra.
Lifeist Wellness Inc. (LFST) is unchanged, trading at $0.07 per share as of 11:36 a.m. EST.