Trading Symbol: VPI
VANCOUVER, Sept. 14 /CNW/ -
VITALITY CLOSES $987,500 PRIVATE PLACEMENT
Vitality Products Inc. (the "Company") has closed the non-brokered private placement announced in the Company's June 7, 2007 Press Release. The Company has issued 4,937,500 units at $0.20 per unit for gross proceeds of $987,500. Each unit consists of one common share and one share purchase warrant in the capital of the Company. Each warrant will entitle the holder thereof to acquire one additional common share in the capital of the Company for a period of two years at a purchase price per common share of $0.25 at any time up to and including September 11, 2008 and at a purchase price per common share of $0.30 at any time up to and including September 11, 2009. The shares and any shares acquired upon exercise of the warrants are subject to a four-month hold period that expires on January 12, 2008. The Company paid finder's fees totalling $94,250 in connection with the private placement.
VITALITY CLOSES $200,000 SHARES FOR DEBT
The Company has closed the shares for debt settlements with certain insiders of the Company announced in the Company's June 7, 2007 Press Release. The Company has settled aggregate indebtedness in the amount of $200,000 by way of the issuance of 1,000,000 common shares in the capital of the Company at a deemed settlement price of $0.20 per share. The shares are subject to a four-month hold period that expires on January 12, 2008.
VITALITY CANCELS SALE OF LAND AGREEMENT
The Company has determined not to proceed with the agreement to sell its 5.17 acres of land situated in Whatcom County, Washington to Consolidated Firstfund Capital Corp. ("Firstfund") for a total consideration of $400,000 announced in the Company's June 7, 2007 Press Release. Firstfund is a related company managed by common directors and officers and controlled by a common director.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
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William N. Grant, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E