/NOT FOR DISTRIBUTION IN THE UNITED STATES/
TORONTO, July 21,
2023 /CNW/ - Shiny Health & Wellness Corp.
("Shiny Health" or the "Company") (TSXV: SNYB),
announces amended terms to its non-brokered private
placement financing (the "Financing"), previously announced on
July 6, 2023.
The Company announces that given current market conditions, the
Company has made a decision to amend the purchase price
to CAD$0.35 per Unit (the "Unit"). A total of
2,857,143 Units shall be issued for an aggregate total of
$1 million. each Unit is comprised of
one common share of the Company and one common share purchase
warrant (the "Warrant") of the Company. Each Warrant will
entitle the holder to purchase one common share of the Company at
an exercise price of CAD$0.60 for a
period of 24 months following the closing date of the Financing.
The Warrants will be subject to accelerated expiry terms following
the four-month and a day hold period (as further described below).
If the Company's shares trade at or above CAD$1.00 per share for 10 consecutive trading
days in which case the Company will have the right to accelerate
the exercise period to a period ending at least 30 days from the
date that notice of such acceleration is provided to the holders of
the Warrants.
In connection with the Financing, the Company may pay finder's
fees up to 7% cash or finder's warrants to eligible finders.
Closing of the Financing is subject to receipt of all
necessary approvals, including that of the Board of Directors and
the TSX Venture Exchange. All securities issued in connection
with the Financing will be subject to a statutory hold period of
four months plus a day from the date of issuance in accordance with
applicable securities legislation in Canada. The subscription by insiders pursuant
to the Financing is considered to be a related party transaction
subject to Multilateral Instrument 61-101. The Company intends to
rely on exemptions from the formal valuation and minority
shareholder approval requirements provided under sections 5.5(a)
and 5.7(a) of Multilateral Instrument 61-101 on the basis that
participation in the private placement by insiders will not exceed
25% of the fair market value of the Company's market
capitalization.
Neither 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.
About Shiny Health &
Wellness
Shiny Health & Wellness Corp. is on a mission to help people
never settle, live fully by being a trusted source for health and
wellness solutions and services. The Company recently broadened its
retail growth strategy beyond adult-use cannabis by establishing
mīhī Health & Wellness, a new line of business focused on
building a network of community pharmacies, with its first pharmacy
in Cornwall, Ontario. Striving to
provide a more diverse and accessible cannabis experience for adult
consumers, the Company also operates ShinyBud Cannabis Co., a
well-established brand in Ontario
strategically located in markets less saturated with cannabis
retailers. The Company's board of directors and management team
hold extensive retail operating experience, a key competitive
differentiator in leading its growth strategy. Shiny Health trades
on the TSX Venture Exchange (TSXV) under the ticker symbol SNYB.
For more information, please visit
www.shinyhealthandwellness.com
SOURCE Shiny Health & Wellness Corp.
