TORONTO, Aug. 1, 2023
/CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the
"Company") (TSXV: SNYB), is pleased to announce the
closing of the first tranche of its previously announced
non-brokered private placement (the "Offering") for gross proceeds
of approximately $475,000 from the
sale of 1,357,143 units of the Company (each, a "Unit") at a price
of $0.35 per Unit (the "Issue
Price").
Each Unit consists of one common share of the Company (each a
"Unit Share") and one common share purchase warrant (a "Warrant").
Each Warrant (including Warrants comprising Units issued pursuant
to the closing of any subsequent tranche of the Offering) will
entitle the holder to purchase one common share of the Company
(each, a "Warrant Share") at a price of $0.60 at any time on or before August 1, 2025 and is subject to an acceleration
clause.
All securities issued and issuable in connection with the
first tranche closing of the Offering are subject to a statutory
hold period expiring on December 2,
2023. The closing of the second tranche is expected shortly
as subscriptions are received. Closing of the Offering is subject
to receipt of all necessary regulatory approvals including final
acceptance of the TSX Venture Exchange.
The Company intends to use the net proceeds of the Offering
for general working capital requirements, including to advance the
Company's cannabis line of business with private label
products.
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 the 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.
