TSXV: JTR
www.greenspacebrands.ca
(all amounts in Canadian
dollars unless otherwise noted)
TORONTO, Jan. 5, 2021 /CNW/ - GreenSpace Brands Inc.
("GreenSpace" or the "Company") (TSX-V: JTR)
announces that, further to its press release of October 22, 2020, and in lieu of making a
10% prepayment of the outstanding amount of the VTB Note
(defined below), it has issued 2,777,784 common shares in capital
of the Company ("Common Shares") at C$0.06 per Common Share to MW1 LLC
("MW1").
Under the original terms of the acquisition of all of the issued
and outstanding shares of Galaxy Nutritional Foods Inc., the
Company was to pay MW1 a total consideration of US$17.8 million, comprised of US$4.5 million in cash, US$7.62 million in Common Shares, and a two-year
vendor take back loan of US$5.72
million, carrying 8.5% interest ("VTB Note"). This
VTB Note was subsequently amended and extended, and as part of the
amendment and extension the Company was to issue to MW1 2,777,784
Common Shares at C$0.06 per Common
Share, such Common Shares to be issued only in the event that the
Company fails to make a 10% prepayment of the outstanding amount by
January 4, 2021.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain information
that may constitute "forward-looking information" under applicable
Canadian securities legislation. Forward-looking information is
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, certain of which are beyond the control of
GreenSpace, including, but not limited to, 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; and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information, including the risks
identified in the Company's disclosure documents. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
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.
SOURCE GreenSpace Brands Inc.