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BURLINGTON, ON, June 2, 2021 / CNW / – Element Nutritional Sciences Inc. (CSE: ELMT) (“Element” or the “Company”) is pleased to announce that it has entered into a commitment with Canaccord Genuity Corp. has been received. (the “Underwriter”), under which the Underwriter has agreed, in a private “bought deal” placement of 8,334,000 units (the “Units”) of the Company for gross proceeds of approximately “). Each Unit consists of one common share of the Company and one half of a transferable common stock purchase warrant (each whole common stock purchase warrant, a “Warrant”). Each warrant is exercisable for a period of 24 months from the closing date at an exercise price of $ 1.00 in one common share of the company.
Shares are sold under the “Accredited Investor” and “Minimum Investment” exemptions under National Instrument 45-106 in all provinces of Canada except Quebec and other jurisdictions by mutual agreement, including offshore, at a cost of C $ 0.60 each. offered unit.
The total gross proceeds from the placement will be used for general corporate purposes.
The offering is expected to close on or about June 17, 2021 and is subject to certain closing conditions including, but not limited to, receipt of all necessary regulatory and publicly traded approvals. The shares issued in connection with the offer are subject to a hold period in Canada which expires four months and one day from the closing date of the offer.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. The securities have not been and will not be under the United States Securities Act of 1933, as amended (the “US Securities Act”) ) or the securities laws of any state and may not be offered or sold within the United States or to US persons, unless registered under the US securities law and the applicable state securities laws or an exception to such registration is possible .
About element
Element is an innovative and research-driven Canadian nutraceutical company specializing in developing science-based products for the global consumer goods market, with a portfolio specifically for men and women over 50. Element’s lead product, Rejuvenate, is a proprietary formulation that Clinically proven to help rebuild, restore and rejuvenate the natural loss of muscle mass due to aging or other medical conditions. Element also offers JAKTRX, an elite brand of performance supplements. Element was founded in 2015 and is based in Burlington, Ontario.
On behalf of the board
https://elmtinc.com/
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that includes discussions related to the completion of the Offering and the use of proceeds, predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, with phrases such as “expected” or “Does not expect”, “is expected”, “expected” or “does not expect”, “planet”, “budget”, “planned”, “forecast”, “estimates”, “believes” or “intends” or variations of such words and phrases or statements that certain acts, events or results “might”, “would”, “could” or “will” occur or be achieved) are not statements of historical fact and may constitute forward-looking statements. These forward-looking statements are based on reasonable assumptions and estimates made by the company’s management at the time these statements were made. Actual future results could differ materially because forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the company’s actual results, performance or accomplishments to differ materially from future results, performance or achievements expressed or achieved therein Forward-looking statements are implied. These factors include, but are not limited to: fluctuations in securities markets, fluctuations in general macroeconomic conditions; Expectations about the size of the health, nutraceutical and wellness markets in the United States and Canada and changing consumer habits; the viability of the company’s products; Availability of sales channels for the company’s product offerings; the company’s ability to successfully achieve its business objectives; Expansion plans; successful development of the company’s proposed products; the existence of laws and regulations that may restrict or recall the company’s products in the United States and Canada; Customer and sales relationships; and the company’s inability to obtain adequate insurance to cover risks and hazards. Although the forward-looking statements contained in this press release are based on what the Company’s management believes to be reasonable or at the time believed to be reasonable, the Company cannot assure shareholders that actual results will correspond to these forward-looking statements. as there may be other factors that cause results not to be as expected, estimated or intended. Readers are cautioned not to place undue reliance on the forward-looking statements and information in this press release. The company assumes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change, unless required by law.
No stock exchange, securities commission or other regulatory authority has approved or rejected the information contained herein.
SOURCE Element Nutritional Sciences Inc.
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