- Naturally Splendid Enterprises (NSP) is pleased to announce the terms of a private placement for up to $2.5 million
- The offering consists of up to 50,000,000 units priced at $0.05 per unit
- Each unit will consist of one common share and one-half of one common share purchase warrant
- Naturally Splendid will have the right to accelerate the expiry date of the warrants
- Proceeds will be used to fund the expansion of Naturally Splendid’s existing facilities, clinical trials and for working capital purposes
- Naturally Splendid manufactures plant-based functional foods
- Naturally Splendid Enterprises Ltd. (NSP) opened trading at C$0.05 per share
Naturally Splendid Enterprises (NSP) is pleased to announce the terms of a private placement for up to $2.5 million.
The offering consists of up to 50,000,000 units priced at $0.05 per unit.
Naturally Splendid CEO Craig Goodwin states,
“This raise allows us to continue on our path to develop, manufacture and distribute a wide range of plant-based entrees in partnership with Australia’s largest plant-based manufacturer. In particular, we will expand the manufacturing capabilities of our existing Safe Quality Food (SQF) certified facility increasing the manufacturing capacity from one ton of finished product a day, to ten tons of finished product per day.
The facility will be capable of manufacturing a wide range of plant-based alternatives for beef, chicken, pork, fish and shellfish in addition to the plant-based bars and bites that we currently manufacture. We are pleased to bring forward this opportunity to add value to our clients and shareholders alike. In light of recent announcements we have made in regard to manufacturing and distribution agreements, we aim to see business scale significantly.”
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.12 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 the average closing price of Naturally Splendid’s common shares is equal to or greater than $0.35 for 10 consecutive trading days.
Naturally Splendid may pay finders a finder’s fee in cash and/or share purchase warrants. Closing of the private placement is subject to TSX Venture Exchange approval.
Proceeds will be used to fund the expansion of Naturally Splendid’s existing facilities, product development including clinical trials and working capital purposes.
Naturally Splendid Co-founder Mr. Bryan Carson states,
“Naturally Splendid has been plant-based from the origin of the Company. And now that the plant-based category has gone mainstream, we intend to capitalize on these growth trends in lifestyle, diet, health & nutrition. Our ability to manufacture these Australian products in Canada results in operational efficiencies and scalability. We anticipate that our costs to upgrade the facility for these new product lines is a fraction of the capital costs required to build a new facility. We see this as the quickest path to growth.”
Naturally Splendid manufactures plant-based functional foods in its manufacturing division Prosnack Foods.
Naturally Splendid Enterprises Ltd. (NSP) opened trading at C$0.05 per share.