MYM Announces Commitments to Fully
Fund Its Strategic Plan Through 2020
VANCOUVER, British Columbia, Canada -- June 11, 2019 --
InvestorsHub NewsWire -- MYM Nutraceuticals Inc. ("MYM" or
"The Company") (CNSX: MYM.CN) (MYM.CN) (MYM.CN)
(USOTC: MYMMF) is pleased to
announce that it has commitments totaling $9.5 million in
financing, which will fully fund its strategic plan through 2020.
The $9.5 million is a mixture of $5.5 million of debt from Trichome
Financial Corp ("Trichome Financial" or "Trichome") and $4 million
of equity from Alumina Partners LLC ("Alumina Partners").
"MYM is encouraged to share that, after considerable due diligence,
Trichome Financial and Alumina Partners have decided to provide the
company with commitments to finance up to $9.5 million ," said
Howard Steinberg , CEO of MYM. "The commitments are an incredible
vote of confidence for our plans to become global leaders in the
cultivation, extraction, and distribution of CBD-rich hemp. The
capital raise is a significant milestone that allows the Company to
fully fund our strategic plan through 2020."
MYM currently has three CBD-rich hemp
cultivation and extraction projects, two medical cannabis
cultivation projects, and three CBD isolate distribution offices in
Mexico, Australia , and Europe . Through 2020, the plan forecasts
cultivating over 5 million pounds of CBD rich biomass that if
converted into isolate, as per the plan, will produce 108,800
kilograms of CBD isolate. Visit mym.ca for more details on the 2019
Strategic Plan.
"We have been thoroughly impressed with the level
of expertise and sophistication that MYM's new senior leadership
team has displayed as they execute a pivot towards becoming leaders
in all aspects of CBD-rich hemp" said Michael Ruscetta , CEO of
Trichome. "This transaction is another example of Trichome
providing flexible and timely capital fully secured against all the
assets and licenses of MYM, which we expect will deliver extremely
attractive returns."
"Alumina is
excited to support MYM as they accelerate the execution of their
comprehensive hemp-derived cannabidiol strategy," added Adi Nahmani
, Managing Member of Alumina Partners. "The explosion in popularity
and wide range of consumer applications of CBD, coupled with its
increasingly favorable regulatory outlook, make this a key focus
for MYM. We are confident that the strategic plan that management
is executing upon will contribute enormously to future revenue."
The
Trichome financing ("Trichome Financing") is in the form of a
senior secured term loan with an interest a rate of 12% per annum
and which matures in 12 months following closing, with an option to
extend for another 6 months. In connection with the Trichome
Financing, MYM will issue up to 5,000,000 warrants in three
tranches. Each warrant entitles the holder to purchase one common
share of the Company at a price of $0.30 for a period of three
years from the date of issue. Closing of the Trihcome Financing is
subject to MYM's receipt of a cultivation license from Health
Canada for their 10,000 sq. ft. facility in Laval, Quebec ,
definitive documentation, along with other customary conditions
precedent.
The Alumina Partners financing is a
firm commitment, subject to the granting of our license from Health
Canada and certain customary market outs and other conditions, to
fund up to $4 Million under the terms of the existing Alumina
Equity Agreement previously announced.
About Trichome Financial Corp.
Trichome is a specialty finance company focused on providing
flexible and creative capital solutions to the global legal
cannabis market. Trichome was created to address the lack of credit
availability in the large, growing and increasingly complex
cannabis market. Founded by industry leaders Origin House and Stoic
Advisory, Trichome's experienced management team has a unique edge
to capitalize on proprietary deal flow and industry insight while
developing a first mover advantage as a global cannabis-focused
specialty finance company. Trichome provides customized financing
solutions across the industry value chain to support growth,
capital expenditures, mergers, acquisitions, working capital and
other needs. Leveraging the combined resources and knowledge of its
founders, it is able to offer significant value-added financial,
product, market and operational support to its partner companies.
Trichome's current assets are all based in Canada and it has no
operations or assets in the United States . For more information,
please visit www.trichomefinancial.com or
@trichomefinance on Twitter.
About Alumina Partners LLC
Alumina Partners is a New York -based
private investment partnership of experienced accredited investors
who came together to bring sensible, responsive and non-disruptive
institutional investment back to the emerging growth arena. They
work diligently with the companies they invest in to better
understand the challenges those companies face and the unique
opportunities they can take advantage of when well-capitalized.
Alumina has been an early and very active investor in the Canadian
regulated cannabis space.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on the
global growth of Cannabis and CBD-rich hemp. To ensure a strong
presence and growth potential within the industry, MYM is actively
looking to acquire complementary businesses and assets in the
technology, nutraceuticals and CBD sectors. MYM shares trade in
Canada , Germany and the USA under the following symbols: (MYM.CN)
(MYMMF) (0MY.F) (0MY.F) (0MY.MU) (0MY.SG).
ON BEHALF OF THE BOARD
Howard Steinberg , CEO
MYM Nutraceuticals Inc.
www.mym.ca
Keep up to date with MYM on our
social media channels:
Twitter: @mymnutra
Facebook: @mymnutra
Instagram: @mymnutra
This news release may contain forward-looking statements based
on assumptions and judgments of management regarding future events
or results including the timing of the receipt of funds and
interest payments and the receipt of a cultivation license from
Health Canada. Such statements are subject to a variety of risks
and uncertainties which could cause actual events or results to
differ materially from those reflected in the forward-looking
statements. The company disclaims any intention or obligation to
revise or update such statements. For a description of the risks
and uncertainties facing the Company and its business and affairs,
readers should refer to the Company's Management's Discussion and
Analysis and other disclosure filings with Canadian securities
regulators, which are posted on www.sedar.com.
This news release does not
constitute an offer to sell or solicitation of an offer to buy any
of the securities described herein and accordingly undue reliance
should not be put on such. Neither the Canadian Securities Exchange
(CSE or CNSX Markets), nor its Regulation Services Provider (as
that term is defined in policies of the CSE), accepts
responsibility for the adequacy or accuracy of this
release.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities described herein in the United States . The securities
described herein have not been registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities law and may not be offered or sold in the
"United States ", as such term is defined in Regulation S
promulgated under the U.S. Securities Act, unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration requirements is
available.
Investor Relations
Billy Casselman
+1-778-522-2261
investors@mym.ca
SOURCE MYM Nutraceuticals Inc.
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