Closes First Tranche of $225,000
Progress Towards Building A Strong Canadian
Brand
TORONTO, Oct. 4, 2023
/CNW/ - Shiny Health & Wellness Corp. (the "Company")
(TSXV: SNYB) is pleased to announce a non-brokered private
placement (the "offering") consisting of gross proceeds of
up to a total of $500,000 and will,
on acceptance by the TSXV, close on a first tranche of the Offering
for gross proceeds of $225,000.
The Offering is comprised of Units of the Company (each, a
"Unit") at a price of $0.10
per unit, for gross proceeds of up to and aggregate of $500,000.
Each Unit will consist of one common share of the Company (each,
a "Unit Share") and one common share purchase warrant (each,
a "Warrant"). Each Warrant will entitle the holder thereof
to purchase one common share of the Company (each, a "Warrant
Share") at a price of C$0.35 at
any time on or before the date which is 24 months following the
closing of the Offering.
The Warrants will be subject to an acceleration clause whereby
if the Common shares of the Company, traded on the TSX-V, trade at
a volume weighted average price exceeding CAD $1 per Common share for a period of 10
consecutive trading days. At that time the Issuer may, at its
discretion, deliver a notice (the "Notice") to the Warrant holders
notifying such Warrant holders that they must exercise their
Warrants within thirty (30) days from the date of such Notice. All
Common Shares and Warrants comprising the Units, will be subject to
a 4-month hold period from the date of issuance, during which any
resale or other transfer will be restricted in accordance with
applicable securities laws.
7% in Cash or Shares may be payable to eligible finders on all
or a portion of the offering. The "Finder" may also receive
"Finder's warrants" (the "Finders Warrants") entitling it to
purchase up to 7% of the shares issued to the purchaser introduced
by the Finder under the Offering exercisable at the issue price of
CAD .35 for a period of 24 months
from the Closing Date. Subject to TSXV acceptance and applicable
laws.
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 performance by increasing store
inventory, store build-outs, plus acquisitions.
The closing of the Offering is subject to receipt of all
necessary regulatory approvals including the TSX Venture Exchange
(the "TSXV"). Finder's fees will be payable in accordance
with the policies of the TSXV. The Unit Shares, Warrant Shares and
any common shares of the Company that are issuable from any
finder's warrants will be subject to a hold period of four months
and one day following the closing date of the Offering in
accordance with applicable securities laws.
Closing of the First Tranche:
Shiny Health & Wellness Corp. is pleased to announce the
closing of the first tranche of the non-brokered private placement
(the "Offering") for gross proceeds of
approximately $225,000 from the sale of 2,250,000 units
of the Company (each, a "Unit") at a price of $0.10 per
Unit (the "Issue Price"). There is no finders fee to be paid
on this first tranche.
Closing of the First tranche of the Offering is subject to
receipt of all necessary regulatory approvals including acceptance
of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the
United States. The securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold
within the United States or
to U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
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.
