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Else Nutrition Completes $8,000,000 Private Placement and Strategic Investment by NewH2 Limited
Else Nutrition Completes $8,000,000 Private Placement and Strategic Investment by NewH2 Li...
About this update from Else Nutrition Holdings Inc
[{"type":"text","content":"\n\n\n\nElse Nutrition Completes $8,000,000 Private Placement and Strategic Investment by NewH2 Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 4, 2020\n\n\n\n/NOT FOR DISTRIBUTION IN THE US OR TO US NEWSWIRE SERVICES/\n VANCOUVER, March 4, 2020 /CNW/ - Else Nutrition Holdings Inc. (the \"Company\" or \"Else Nutrition\" or \"Else\") (TSXV: BABY) (OTCQB: BABYF), a developer of novel plant based infant nutrition, is pleased to announce that it has closed its previously announced non-brokered private placement including a strategic investment with NewH2 Limited (\"New H2\"), a wholly owned subsidiary of Health and Happiness (H&H) International Holdings Ltd, a Hong Kong Stock Exchange company (HK:1112).  Pursuant to the private placement the Company issued an aggregate of 12,383,900 units (the \"Units\") at a price of C$0.646 per Unit for gross proceeds of C$8,000,000.  Each Unit consists of one common share and 0.25 share purchase warrants, with each whole warrant (a \"Warrant\") entitling the holder to acquire one additional common share of the Company at an exercise price of C$0.969 per share for a period of thirty (30) months from the closing date.  The private placement is previously announced in the Company's news release dated February 19, 2020.\nNewH2 purchased 8,900,928 of the Units, representing approximately 11.15% of the Company's issued and outstanding common shares.  All securities acquired by NewH2 are subject to a voluntary twelve (12) month hold period.  NewH2 and the Company have entered into an investor rights agreement pursuant to which NewH2 is granted certain rights to maintain its percentage holdings of common shares in the Company through participation in future financings, and the right to hold one board seat on the Company's board of directors.  Accordingly, Mr. Akash Bedi has been appointed as a director of the Company, effective immediately.\nThe company intends to use the proceeds from the private placement to accelerate i...