FSD Pharma Provides Update on its Investment in Celly Nutrition Corp., a Company Launching a Product that can assist in Expediting Alcohol Metabolism and Faster Recovery from Alcohol Consumption

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[{"type":"text","content":"FSD Pharma Provides Update on its Investment in Celly Nutrition Corp., a Company Launching a Product that can assist in Expediting Alcohol Metabolism and Faster Recovery from Alcohol ConsumptionTORONTO, ON / ACCESSWIRE / April 15, 2024 / FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) (\"FSD Pharma\"), provides an update on its investment in Celly Nutrition Corp. (\"Celly Nu\"), a privately held Canadian company launching an innovative beverage product that can assist in Expediting Alcohol Metabolism and Faster Recovery from Alcohol Consumption.On April 8, 2024, Celly Nu announced an investment by FSD complete press release is referenced below;Toronto, Ontario--(Newsfile Corp. - April 8, 2024) - Celly Nutrition Corp. (\"Celly Nu\" or the \"Company\"), announced today that it has entered into a loan amending agreement (the \"Agreement\") in connection with the senior secured term loan made by FSD Pharma Inc. (\"FSD Pharma\") to Celly Nu, as previously announced on their joint press release dated November 30, 2023 (the \"Term Loan\"), to increase the principal of the Term Loan by $300,000 to $1,300,000.Pursuant to the Agreement, the interest payment due on the first annual anniversary of the Term Loan will be deferred and become payable together with the interest payment due on the second annual anniversary of the Term Loan. Celly Nu will continue to make interest payments as required by the original loan agreement, as amended, in respect of the Term Loan, and will provide FSD Pharma the option to convert any amounts outstanding (inclusive of interest) into common shares of Celly Nu upon the occurrence of an event of default under the Agreement. The Term Loan continues to bear interest at 10% per annum payable on each anniversary and expires July 31, 2026.John Duffy, CEO of Celly Nutrition Corp., expressed his appreciation for the continued confidence demonstrated by FSD Pharma: \"This expanded loan agreement is one more step by Celly Nu and FSD Pharma in bringing this innovative new product to market across North America.\" Proceeds from this Term Loan will be used towards unbuzzd™ product manufacturing which will be released later this summer. unbuzzd™ is Celly Nutrition's innovative contribution to the wellness and recovery supplement market. This scientifically formulated blend of vitamins, minerals, and herbs ...

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