MONTREAL, Feb. 25,
2022 /CNW Telbec/ - Lumiera Health
Inc. (TSXV: NHP) (the "Company" or
"Lumiera "), a company specializing in the development
and commercialization of natural health products, is pleased to
announce that it has entered into an amending agreement with its
third party lender in respect of the outstanding Note, the
principal amount of which currently stands at $1,325,000.
As part of the amendment agreed with the lender, the Company is
reimbursing $325,000 in capital in
order to reduce its principal amount to $1,000,000 and extend the loan's maturity date to
December 1st, 2022. In addition, the
Company and the lender agreed to extend certain of the covenants to
provide the Company with flexibility in executing its accelerated
growth plan.
Improved debt structure
As a part of its accelerate growth plan, Lumiera is continuing
to identify savings and allocate those saving to inventory to
support growth. With that focus, the Company entered into an
agreement with a new lender, for an amount of $400,000. This amount will be used to paydown the
current third party note and free-up cash flow in the short term;
new loan has a two-year term and pays monthly interest at 12% plus
3% payable at maturity.
The Lender will receive 8,000,000 non-transferable warrants.
Each warrant will entitle the holder to acquire one common share,
at an exercise price of $0.05 per
share, for a period of two years ending February 25, 2024. The Warrants will, unless
exercised, expire on the 30th day after the Company pays back the
note.
The new loan is subject to certain standard conditions
including, but not limited to, the receipt of all necessary
approvals including the acceptance of the TSX Venture Exchange.
About Lumiera Health
Lumiera specializes in the development and commercialization of
consumer products for the natural health industry. The Company
sells herbal tonics and natural supplements through its Holizen
Laboratories division, with a diverse portfolio including a line of
innovative sleep aids. The Company is also commercializing a unique
topical product line acting on the endocannabinoid system, without
the use of cannabis, that provides an innovative solution for
chronic pain and inflammation. A pioneer in the natural health
innovation space, the Lumiera brand is rooted in the core values of
science, nature and compassion. Our goal is to make people's
lives better by developing natural health and wellness products
that are effective, safe and trustworthy.
For more information visit: www.lumiera.ca.
Neither the 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.
Forward-looking information
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions indicate such "forward-looking
information" as they relate to Lumiera. All statements other
than statements of historical fact may be forward-looking
information. Such statements reflect Lumiera' current views and
intentions with respect to future events, and current information
available to Lumiera, and are subject to certain risks,
uncertainties and assumptions. Such risks and uncertainties
include, among others, the risk factors included in Lumiera' annual
management's discussion and analysis for the year
ended November 30, 2020,
which is available under the issuer's SEDAR profile
at www.sedar.com. Material factors or assumptions
were applied in providing forward-looking information. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Should any factor affect Lumiera in
an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, Lumiera does not
assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Lumiera undertakes no obligation to publicly update or
revise any forward-looking information, other than as required by
applicable law.
Related Links: www.lumiera.ca
SOURCE Lumiera Health Inc.