Vitality to issue Preference Shares for outstanding shares subscriptions

About this update from Vitality Products Inc.

[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, April 17 /CNW/ - Vitality Products Inc. (the "Company") has\nentered into a share subscription agreement with Consolidated Firstfund\nCapital Corp. ("Firstfund") to issue 46,000 Class "A" Preference Shares,\nSeries 6 for share subscriptions received that total $460,000. The Class "A"\nPreference Shares, Series 6 with a par value of $10 each in the capital stock\nof the Company will each be non-voting and have a 6% cumulative dividend\npayable annually. The Class "A" Preference Shares, Series 6 plus all unpaid\ndividends accrued thereon will be convertible to common shares in the capital\nstock of the Company for a period of five years. The conversion price for the\nfirst two years is $0.10 per common share and the conversion price in each of\nthe subsequent three years is 10% higher than the conversion price in the\npreceding year.\n\n\nFirstfund is a related company with common directors and common officers\nand controlled by a common director. William N. Grant, a director and officer\nof the Company, owns 72.2% of Firstfund. Firstfund made the $460,000\ninvestment through cash advances to the Company to cover the Company's cash\nrequirements from August 2003 to June 2007. These cash advances have been\naccounted for as shares subscriptions in the Company's audited financial\nstatements and the Company now wishes to complete this private placement\ntransaction. The transaction has been approved by the Company's independent\nBoard members and is subject to regulatory approval.\n\n\nOn behalf of the Board of\n\n\nVITALITY PRODUCTS INC.\n\n\n"William N. Grant" (signed)\n\n\n---------------------------------\n\n\nWilliam N. Grant, President & CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00005856E\n\n\n","length":2005,"tagName":"div"}]

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