MONTREAL, March 12, 2021 /CNW Telbec/ - Lumiera
Health Inc. (TSXV: NHP) (the "Company" or
"Lumiera "), a company specializing in the development and
commercialization of evidence-based botanical products for the
healthcare industry, is pleased to announce that the annual
consolidated financial statements and management's discussion and
analysis for the year ended November 30,
2020 have been approved at the Board of Directors meeting
("Board") which was held on March 10,
2021 and have now been published on SEDAR.
Shares for Debt Settlement and Amendment to Note
In connection with the Company's efforts to preserve cash in
order to drive business growth, the Company announces that it has
entered into an agreement to issue shares in settlement of a debt
of $50,000 representing fees relating
to the signature of an amendment to the Note payable with its
secured arm's length lender. As consideration for the settlement of
the fees, the Company will issue a total of 833,333 common shares
at a deemed price of $0.06 per share.
The shares will be subject to a restricted period of four months
and one day from the date of issuance in accordance with applicable
securities laws and the policies of the TSX Venture Exchange.
As part of the amendment agreed with the lender, the Company is
reimbursing $280,000 in capital and
will now start to make monthly payments of $10,000 to reduce the principal amount owing
under the Note. In addition, the Company and the lender agreed to
extend certain of the covenants in order to allow some time for the
Company to execute on its business plan.
The issuance of the shares for debt settlement is subject to
final approval by the TSX Venture Exchange.
Management change
Mario Paradis has informed the
Board that he has decided to step down from his role as CFO and
Director of the Company. Mr. Paradis will continue to support the
business through the transition period as a financial consultant.
Following the departure of Mario
Paradis, Simon Castonguay has
been appointed as the interim CFO of the Company. Mr Castonguay is
currently the Corporate Controller of Lumiera and has been employed
by the Company since November
1st, 2020. Mr. Castonguay is a CPA, CA since
2015. He worked at Richter for five years as well as at Bell Media
and Laurentian Bank where he held different positions in the
finance departments of the foregoing companies.
"On behalf of the Board of Directors, we would like to thank
Mario Paradis for all his
contributions, and we greatly appreciate his offer to support
the business through the transition. " said Kevin Cole, Chairman of the Board of
Lumiera.
About Lumiera Health Inc.
Lumiera specializes in the development and commercialization of
evidence-based botanical products for the healthcare industry. The
Company sells both oral and topical botanical agents to help manage
unmet medical needs through its Holizen Laboratories division.
Lumiera is also developing and commercializing a unique portfolio
of products acting on the endocannabinoid system and providing
innovative solutions for chronic pain and inflammation. The Company
is a pioneer in the health and pain management innovation space and
the Lumiera brand is rooted in the core brand values of science,
nature and compassion. Passionate about making people feel
better, we deliver trustworthy and scientifically proven solutions
that work with the body's own system.
For more information visit: www.lumiera.ca.
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.
Forward-looking information
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions indicate such "forward-looking
information" as they relate to Lumiera. All statements other
than statements of historical fact may be forward-looking
information. Such statements reflect Lumiera' current views and
intentions with respect to future events, and current information
available to Lumiera, and are subject to certain risks,
uncertainties and assumptions. Such risks and uncertainties
include, among others, the risk factors included in Lumiera' annual
management's discussion and analysis for the year ended
November 30, 2019, which is available
under the issuer's SEDAR profile at www.sedar.com. Material
factors or assumptions were applied in providing forward-looking
information. Many factors could cause the actual results,
performance or achievements that may be expressed or implied by
such forward-looking information to vary from those described
herein should one or more of these risks or uncertainties
materialize. Should any factor affect Lumiera in an unexpected
manner, or should assumptions underlying the forward-looking
information prove incorrect, the actual results or events may
differ materially from the results or events predicted. Any such
forward-looking information is expressly qualified in its entirety
by this cautionary statement. Moreover, Lumiera does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Lumiera undertakes no obligation to publicly update or
revise any forward-looking information, other than as required by
applicable law.
SOURCE Mondias Natural Products Inc.