Trading Symbol: VPI
VANCOUVER, Sept. 19 /CNW/ - Mr. William N. Grant, President & CEO of Vitality Products Inc. ("Vitality"), wishes to announce that he has acquired ownership of 75,000 units at $0.20 per unit through Vitality's non-brokered private placement that closed on September 11, 2007. Each unit consists of one common share and one share purchase warrant in the capital of Vitality. Each warrant will entitle Mr. Grant to acquire one additional common share in the capital of Vitality 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.
In addition, Mr. Grant has acquired ownership of 440,000 common shares in the capital of Vitality through the settlement of aggregate indebtedness in the amount of $88,000 at a deemed settlement price of $0.20 per share. Vitality's shares for debt transaction closed on September 11, 2007. The shares are subject to a four-month hold period that expires on January 12, 2008.
Upon the completion of its non-brokered private placement transaction and shares for debt transaction, Vitality has 17,841,573 common shares outstanding and 4,937,500 warrants. The 515,000 common shares and the 75,000 warrants purchased by Mr. Grant through the transactions represent 2.89% of the outstanding common shares of Vitality and 1.52% of the outstanding warrants of Vitality. After the completion of the transactions, Mr. Grant beneficially owned and controlled 2,419,914 common shares or 13.56% of the outstanding common shares of Vitality and 75,000 warrants or 1.52% of the outstanding warrants of Vitality.
Mr. Grant acquired the common shares and warrants for investment purposes and may, depending on market and other conditions, increase or decrease his ownership position in securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of options, convertible securities or otherwise. A copy of the Early Warning Report is available on the SEDAR website at www.sedar.com.
"William N. Grant" (signed)
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William N. Grant
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E