VANCOUVER, British Columbia, Oct. 14, 2016 (GLOBE NEWSWIRE) -- Naturally Splendid Enterprises Ltd. (“Naturally Splendid”) (TSX-V:NSP) (OTCQB:NSPDF) (Frankfurt:50N) announced today that it has increased its previously announced private placement financing (see news release dated July 29, 2016) to $4,000,000 (the “Offering”). The Offering will now consist of up to 14,814,814 units (each a “Unit”) at a price of $0.27 per Unit. As of the date of this news release, Naturally Splendid has closed two tranches of the Offering by issuing a total of 3,077,168 Units for total gross proceeds of $830,835.
Each Unit will continue to be 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 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 $0.45 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.
The Offering will continue to be completed to “accredited investors” pursuant to National Instrument 45-106 – Prospectus and Registration Exemptions (“NI 45-106”), to existing security holders pursuant to BC Instrument 45-534 – Exemption from prospectus requirement from certain trades to existing security holders (“BCI 45-534”) and to certain subscribers pursuant to B.C. Instrument 45-536 – Exemptions from prospectus requirement for certain distributions through an investment dealer. The Offering of securities pursuant to 45-534 is being made to existing security holders who held shares of Naturally Splendid on June 2, 2016 (the “Record Date”). Naturally Splendid confirms that there is no material fact or material change regarding Naturally Splendid that has not been generally disclosed.
Naturally Splendid plans to use the gross proceeds of the Offering for product development and general corporate purposes. In the event that Naturally Splendid receives subscriptions above the maximum, Naturally Splendid will adjust the subscriptions received on a pro-rata basis.
Subject to TSX Venture Exchange approval, Naturally Splendid may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
Closing of the proposed Offering is subject to the approval of the TSX Venture Exchange.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Naturally Splendid's securities in the United States.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a multifaceted biotechnology company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrientdense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications.
Naturally Splendid currently has six innovative divisions: (1) Natera® brand of retail hemp superfood products currently distributed throughout North America and Asia; (2) Chi Hemp Industries Incorporated (Chii) is selling natural and organic hemp products through e-commerce (3) PawsitiveFX® brand of pet care products; (4) Simlpi Plant-Based Ingredients Division of plant-derived bulk ingredients including patent-pending HempOmega®; (5) The 12,000-square-foot POS / BPC Facility - which is managed for Naturally Splendid by POS Bio-Sciences - is positioned to offer commercial-scale custom processing solutions for biological materials, such as functional foods and natural health ingredients to a wide range of clients (6) hemp-based cannabinoid nutraceuticals. The Company's advanced technologies, industry expertise, and strategic partners allow for the creation of customized solutions with a consistent focus on quality and sustainability.
For more information e-mail email@example.com or call 604-673-9573
On Behalf of the Board of Directors
J. Craig Goodwin
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N Frankfurt)
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, but not limited to, Naturally Splendid’s ability to complete the private placement financing. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.