ELSE NUTRITION HOLDINGS INC.
(BABY)
(BABYF)
(0YL.F)
(“
Else” or the “
Company”), the
Plant-Based baby, toddler, and children nutrition company, today
announces that it has closed its previously announced offering of
Units (the “
Units”) of the Company (the
“
Offering”). Pursuant to the Offering, the Company
issued a total of 13,245,033 Units at a price of US$0.151 per Unit
for gross proceeds of US$2,000,000.
Each Unit is comprised of one common share in
the capital of the Company and one common share purchase warrant.
Each warrant is exercisable to acquire one common share at a price
of US$0.151 until July 5, 2029.
The Company plans to use the net proceeds from
the Offering to fund research and development, fund sales and
marketing, acquire inventory, and for general corporate
purposes.
In connection with the Offering, the Company
paid a cash fee of US$140,000 and issued 927,152 common share
purchase warrants to an arms-length advisor of the Company. The
warrants issued to the advisor are exercisable to acquire one
common share at a price of US$0.151 until July 5, 2029.
In connection with the Offering, the Company
filed an amended and restated prospectus supplement, amending and
restating the prospectus supplement dated June 28, 2024, to its
short form base shelf prospectus dated November 10, 2023 with the
securities commissions in each of the provinces of Canada,
excluding Quebec. Copies of the supplement and the base shelf
prospectus are available on SEDAR+ at www.sedarplus.com.
As previously announced on June 26, 2024, the
Company will amend certain existing warrants issued in June 2022
(as amended in January 2024) and November 2023 (together, the
“Amended Warrants”) to purchase, collectively, up
to an aggregate of 15,857,142 common shares. The exercise price of
the Amended Warrants will be reduced from C$0.485 to US$0.151 per
common share and the expiry date of the Amended Warrants will be
extended from November 21, 2028 to July 5, 2029. All other terms of
the Amended Warrants shall remain the same. The effective date of
the amendments to the Amended Warrants will be July 12, 2024.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities to be offered have not been and will not
be registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities
Act”) or under any securities laws of any state of
the United States, and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons,
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
securities laws of any state of the United States. “United States”
and “U.S. persons” are as defined in Regulation S under the U.S.
Securities Act.
About Else Nutrition Holdings
Inc.
Else Nutrition Holdings Inc. (TSX: BABY, OTCQX:
BABYF, FSE: 0YL) is a food and nutrition company in the
international expansion stage focused on developing innovative,
clean, and plant-based food and nutrition products for infants,
toddlers, children, and adults. Its revolutionary, plant-based,
non-soy formula is a clean-ingredient alternative to dairy-based
formulas. Since launching its Plant-Based Complete Nutrition for
Toddlers, made of whole foods, almonds, buckwheat, and tapioca, the
brand has received thousands of powerful testimonials and reviews
from parents, gained national retailer support, and achieved rapid
sales growth.
Awards and Recognition:
- “2017 Best Health and Diet
Solutions” award at Milan's Global Food Innovation Summit
- #1 Best Seller on Amazon in the
Fall of 2020 in the New Baby & Toddler Formula Category
- “Best Dairy Alternative” Award 2021
at World Plant-Based Expo
- Nexty Award Finalist at Expo West
2022 in the Plant-Based lifestyle category
- During September 2022, Else Super
Cereal reached the #1 Best Seller in Baby Cereal across all brands
on Amazon
For more information, visit
www.elsenutrition.com or @elsenutrition on Facebook and
Instagram.
For more information,
contact:Mrs. Hamutal Yitzhak, CEO, Co-Founder &
DirectorELSE Nutrition Holdings Inc.E: hamutaly@elsenutrition.com
P: +972(0)3-6445095
Mr. Sokhie Puar, Lead Director of Else
NutritionEmail: sokhiep@elsenutrition.com P: 604-603-7787
Investor Relations Contact:
Alexandra SchiltCrescendo Communications, LLCP:
212-671-1020 E: baby@crescendo-ir.com
TSX
Neither the TSX nor its regulation services
provider (as that term is defined in the policies of the TSX)
accept responsibility for the adequacy or accuracy of this
release.
Caution Regarding Forward-Looking
Statements
This press release contains statements that may
constitute “forward-looking statements” within the meaning of
applicable securities legislation. Forward-looking statements are
typically identified by words such as “will” or similar
expressions. Forward-looking statements in this press release
include statements with respect to the use of the proceeds from the
Offering and the effective date of the Amended Warrants. Such
forward-looking statements reflect current estimates, beliefs, and
assumptions, which are based on management's perception of current
conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
No assurance can be given that the foregoing will prove to be
correct. Forward-looking statements made in this press release
assume, among others, the expectation that there will be no
interruptions or supply chain issues and that the manufacturing,
broker, and supply logistic agreement with the company does not
terminate. Actual results may differ from the estimates, beliefs,
and assumptions expressed or implied in the forward-looking
statements. Readers are cautioned not to place undue reliance on
any forward-looking statements, which reflect management's
expectations only as of the date of this press release. The Company
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law.
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