Today's News |
CleanTech Company Good Natured Products Announces $2 Million Private Placement Financing
Tuesday, February 27, 2024Company Profile | Follow Company
Vancouver, BC, February 27, 2024--(T-Net)--good natured Products Inc. (TSX-V: GDNP), a North American leader in plant-based products, today announced a non-brokered private placement financing for 33,333,333 units of the Company at a price of $0.06 per Unit for aggregate gross proceeds of $2 million.
The Offering is also subject to an over-allotment option, allowing the Company to issue an additional 50,000,000 Units for gross proceeds of $3 million, if additional demand exists.
The net proceeds of the Offering are expected to be used by the Company to fund working capital and one-time expenses associated with previously announced cost reduction activities.
About good natured Products Inc.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people to create meaningful environmental and social impact.
Additional Details on this Financing
Each Unit will consist of one common share in the capital of the Company (a "Unit Share") and one common share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder thereof to acquire one common share (a "Warrant Share") at an exercise price per Warrant Share of $0.08 (the "Warrant Exercise Price") for a period of 30 months from the closing of the Offering.
The Company advises that the Offering will be open to existing shareholders that qualify as "accredited investors" or pursuant to the other available prospectus exemptions under National Instrument 45-106 Prospectus Exemptions in all Provinces of Canada, except Quebec. A minimum subscription amount of $5,000 is required for participation. Please contact the Company by email at invest@goodnaturedproducts.com to discuss participating in the Offering and the exemptions available for you under existing securities law.
In connection with the Offering, the Company may pay certain finders a fee comprised of cash, finder's warrants, or both, based on the proceeds raised from the sale of securities to purchasers introduced to the Company by such finders.
All securities to be issued pursuant to the above referenced Offering will be subject to a statutory four-month hold period. The Offering is subject to a number of conditions, including without limitation, approval of the TSX Venture Exchange.
The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to, for the account or benefit of, "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act or and applicable state securities laws or pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release. Cautionary Statement Regarding Forward-Looking Information Information regarding the anticipated retirement date of Mr. Thomson associated with the Company's information circular related to its Annual General Meeting, and specifically that Mr. Thomson would remain in place for thirty days following the appointment of a replacement director to facilitate a transition, may constitute forward-looking information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Other than as required under securities laws, we do not undertake to update this information at any particular time. Forward-looking information contained in this news release is based on our current estimates, expectations, and projections, which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. |
Other Recent Company News |
|||||||||||||||||||
|