TSXV: JTR
www.greenspacebrands.ca
(all amounts in Canadian
dollars unless otherwise noted)
TORONTO, Dec. 23, 2020 /CNW/ - GreenSpace Brands Inc. (the
"Company" or "GreenSpace") (TSXV: JTR) is pleased to
announce that it has closed its previously announced private
placement financing of 150,000,000 units (the "Units") of
the Company at a price of $0.05 per
Unit (the "Offering Price") for gross proceeds of
$7,500,000 (the "Offering").
The Company intends to use the net proceeds of the Offering for
working capital and general corporate purposes.
Each Unit consists of one common share in the capital of the
Company ("Common Share") and one Common Share purchase
warrant (a "Warrant"). Each Warrant will be exercisable to
acquire one Common Share (a "Warrant Share") at an
exercise price of $0.08 (the
"Exercise Price") per Warrant Share for a period of 24
months from the closing of the Offering (the "Expiry Date"),
subject to acceleration provisions. If at any time between the date
that is four months and one day from the closing of the Offering
and the Expiry Date, the daily volume weighted average trading
price of the Common Shares on the TSX Venture Exchange is greater
than $0.15 for the preceding ten
consecutive trading days, the Company has the option to accelerate
the exercise of the Warrants at the Exercise Price by delivering a
notice to holders of the Warrants (the "Acceleration
Notice"). In such instance, the Warrants will be exercisable
until not less than the 30th day following the delivery
of the Acceleration Notice.
The Offering was made through a syndicate of agents led by PI
Financial Corp., and including Canaccord Genuity Corp. and
Richardson Wealth Limited (collectively, the "Agents"). In
connection with the Offering, the Agents received, as compensation:
(i) cash commission of $186,994; (ii)
an aggregate of 3,345,000 Common Shares; (iii) an aggregate of
3,345,000 non-transferrable Warrants; and (iv) non-transferrable
compensation options exercisable at any time between the date that
is four months and one day from the closing of the Offering to 18
months from the closing of the Offering to acquire an aggregate of
7,084,880 Common Shares at the Offering Price.
All securities issued or issuable under the Offering will be
subject to a statutory hold period lasting four months and one day
following the closing of the Offering.
About GreenSpace
GreenSpace is a Canadian-based brand ideation team that
develops, markets and sells premium natural food products to
consumers across North America.
GreenSpace owns Love Child, a
producer of 100% organic food for infants and toddlers made with
natural and nutritionally-rich ingredients, Central Roast, a clean
snacking brand featuring a wide assortment of nut and seed mixes
and GO VEGGIE, one of the leaders in the US plant-based dairy
market. All brands are wholly-owned and retail in a variety of
natural and mass retail grocery locations.
For more information, GreenSpace's filings are also available at
www.SEDAR.com.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended and may not be offered or sold In the United States or to, or for the account of
benefit of, US persons absent registration or an applicable
exemption from the registration requirements. 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
State in which such offer, solicitation or sale would be
unlawful.
FORWARD-LOOKING STATEMENTS
Certain statements in this document, such as the intended use
of the net proceeds of the Offering, constitute "forward-looking
statements" or "forward-looking information" (collectively referred
to herein as "forward-looking statements") within the meaning of
applicable securities laws. Forward-looking statements include, but
are not limited to, statements made concerning the Company's
objectives, strategies to achieve those objectives, as well as
statements with respect to management's beliefs, plans, estimates,
and intentions, and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "should", "plans" or
"continue", or similar expressions suggesting future outcomes or
events. Such forward-looking statements reflect management's
current beliefs and are based on information currently available to
management. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated by such statements, and there can be no
assurance that actual results will be consistent with these
forward-looking statements. Factors that could cause such
differences include general market conditions (including equity,
commodity, foreign exchange and interest rate); increased funding
costs and market volatility due to market illiquidity and
competition for funding; operational outcomes; capital adequacy;
the general business and economic conditions in the regions in
which the Company operates; the ability of the Company to execute
on key priorities; the ability to implement business strategies and
pursue business opportunities; the failure of third parties to
comply with their obligations to the Company or its affiliates; the
impact of new and changes to, or application of, current laws and
regulations; critical accounting estimates and changes to
accounting standards, policies, and methods used by the Company;
the occurrence of natural and unnatural catastrophic events and
claims resulting from such events; and risks related to COVID-19
including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, nonessential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing, disruptions to markets, economic activity,
financing, and supply chains, and a deterioration of general
economic conditions including a possible national or global
recession, and as described from time to time in the reports and
disclosure documents filed by the Company with Canadian securities
regulatory agencies and commissions. This list is not exhaustive of
the factors that may impact the Company's forward-looking
statements. These and other factors should be considered carefully,
and readers should not place undue reliance on the Company's
forward-looking statements. As a result of the foregoing and other
factors, no assurance can be given as to any such future results,
levels of activity or achievements or levels of dividends and
neither the Company nor any other person assumes responsibility for
the accuracy and completeness of these forward-looking statements.
The factors underlying current expectations are dynamic and subject
to change. All forward-looking statements in this press release are
qualified by these cautionary statements. The forward-looking
statements contained herein are made as of the date of this press
release, and except as required by applicable law, the Company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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.
ADDITIONAL INFORMATION
Additional information is on SEDAR at www.sedar.com.
SOURCE GreenSpace Brands Inc.