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Hong-Kong listed H&H leads a $25.7M investment in ELSE Nutrition
The global baby & adult nutrition company increases its strategic capital stake in ELSE ...
About this update from Else Nutrition Holdings Inc
[{"type":"text","content":"Hong-Kong listed H&H leads a $25.7M investment in ELSE NutritionThe global baby & adult nutrition company increases its strategic capital stake in ELSE to $9.75M via its subsidiary NewH2 LimitedVANCOUVER, BC / ACCESSWIRE / October 13, 2020 / ELSE NUTRITION HOLDINGS INC. (TSXV:BABY)(OTCQX:BABYF)(FSE:0YL) (\"Else\" or the \"Company\"), a developer of plant-based alternatives to dairy-based baby nutrition, is announcing today that NewH2 Limited, a subsidiary of Health and Happiness (H&H) International Holdings Limited, a Hong Kong Stock Exchange listed company (1112.HK) has increased their strategic investment in Else by C$4.0 million pursuant to a non-brokered private placement announced on September 15th.The Company intends to use the proceeds of the offering to market its novel, plant-based baby and toddler nutrition products in North America alongside new product development operations. Furthermore, the investment provides the Company with the ability to accelerate and increase its production and supply capabilities, increase marketing activities and introduce its product(s) in new territories globally.\"We are very excited to continue to expand our relationship with H&H. They have been an immensely valuable partner and we look forward to working with their team in new market regions. We hear regularly from families across the globe who are seeking a non-dairy nutrition alternative for their children and we are fortunate to have a global partner supporting our endeavours for introduction of our products to store shelves in North America and beyond,\" said Ms. Hamutal Yitzhak, CEO and Co-Founder of Else.Pursuant to the private placement the Company issued 2,224,111 (the \"Units\") at a price of C$2.25 per Unit. Each Unit consisting of one common share and 0.50 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$3.25 per share for a period of thirty months from the closing date. With the completion this financing NewH2 owns 10,678,706 shares of the Company and 3,114,121 warrants, which will represent approximately 11.6% of the Company's issued and outstanding common shares. The units issued will be subject to a 12 month hold period from date of closing.The Company also pleased to announce that it has close...