VANCOUVER, BC / ACCESSWIRE / January 16, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V:NU)(OTCQB:NRXCF), (FRANKFURT:1N9) the innovator and pioneer behind neuenergy® is pleased to announce that it will not be proceeding with the proposed financing or consolidation as announced on December 18, 2019.
The Company will instead complete a non-brokered private placement offering (the "Offering"), of units (the "Units") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of up to $725,000. Subscriptions to the financing have been received and closing of an initial tranche is expected shortly.
Each Unit will consist of one common share of the Company and one-half-of-one common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share of the Company at price of $0.05 for a period of eighteen months from the date of issuance.
NeutriSci will use the net proceeds of the financing for production runs and launch of the Company's Dablets™ and Zenstix™ tabs in California, as well as for general working capital purposes.
Glen Rehman, CEO of NeutriSci, stated: "As we continue to focus on the launch of our products through our manufacturing and distribution partnerships in the US, South America and with ANB Canada in Canada, we have worked diligently to raise the financing required to permit the Company to execute on its growth plans. We look forward to completing this financing and moving the Company's plans forward."
The Company may pay a finder's fee to one or more arms' length parties who introduce the Company to subscribers, in accordance with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a four-month-and-one-day statutory hold period from the date of issuance. Closing of the private placement remains subject to the approval of the TSX Venture Exchange.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
Tel: (403) 264-6320
For investor inquiries, please contact [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
About NeutriSci International Inc.
NeutriSci specializes in the innovation, production and formulation of nutraceutical products. Established in 2009, NeutriSci's is building sustainable sales models with Convenience, Chain Drug, and Mass Market and Supermarket retailers for neuenergy®, the Company's natural energy and focus supplement that has at its core, the beneficial effects of blueberries.
Neuenergy® contains a unique patented combination of blueberry extract (pterostilbene) and naturally derived caffeine, and is a revolutionary energy tab designed to deliver enhanced focus and mental clarity with no sugar, no calories and no crash associated with typical energy products. To find out more about neuenergy®, please visit www.getneuenergy.com.
For more information, please visit: www.neutrisci.com.
Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure or prevent any disease.
SOURCE: NeutriSci International Inc.