BURNABY, BRITISH COLUMBIA--(Marketwired - April 29, 2014) - Naturally Splendid Enterprises (the "Company") (TSX VENTURE:NSP)(FRANKFURT:50N) is pleased to announce that it has completed its previously announced private placement financing by issuing a total of 6,843,500 units ("Units") at $0.20 per Unit for gross proceeds of $1,368,700.
Each Unit is comprised of one common share of Naturally Splendid and one-half of one common share purchase warrant (each whole share purchase warrant a "Warrant"), with each whole Warrant entitling the holder to purchase one additional common share at $0.30 per share for a period of two years from the date of the issue. Naturally Splendid will have the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of Naturally Splendid's common shares is equal to, or greater than $0.40 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after Naturally Splendid issues a news release announcing that it has elected to exercise this acceleration right.
In connection with the proceeds raised under the financing, Naturally Splendid paid finders cash commissions totaling $81,530 and issued finders 382,650 non-transferable warrants. Each finder's warrant is exercisable on the same terms as the Warrants described above.
The securities issued under the financing will be subject to a hold period expiring on August 26, 2014 pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange.
The net proceeds of the financing will be used for equipment and facilities, inventory financing, US and Canadian regulatory filings as well as general corporate purposes.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid's 100% owned NATERA™ line of hemp-based superfood products are carried nationwide by Canada's leading health food distributors and a network of retail stores across Canada including major retailers and specialty stores. Naturally Splendid's 100% owned "NATERA™" line of products includes natural and flavored shelled hemp seeds as well as natural and flavored hemp protein powders.
Naturally Splendid has an exclusive sales agreement to market and distribute, in North America, the full complement of patent pending, plant-based omega products created by Boreal Technologies. The products include HempOmega™ and H2Omega™, as well as the FlaxOmega™, CanolaOmega™, and ChiaOmega™ plant based omega products. These novel products utilize microencapsulation and liposome technologies and are available in both a powder format and an aqueous solution for increased flexibility in ingredient applications and stand-alone products.
For more information e-mail email@example.com or call 604-559-8051.
On Behalf of the Board of Directors
J. Craig Goodwin, CEO, Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control. Such factors include, among other things: risks and uncertainties relating to Naturally Splendid's ability to complete proposed private placement financing. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.