VANCOUVER, BC / ACCESSWIRE / November 23, 2021 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company") (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) announces a non-brokered private placement financing of up to 100,000,000 Units (each a "Unit") at a price of $0.03 per Unit for gross proceeds of up to $3,000,000 (the "Offering"). The Offering replaces the previously announced private placement offering at $0.05 per unit (see news release dated July 7, 2021).
Each Unit in the non-brokered private placement consists of one common share of Naturally Splendid and one common share purchase warrant (each a "Warrant"), with each Warrant entitling the holder to purchase one additional common share for a period of two years from the date of the issue at an exercise price of $0.05 per share.
Proceeds of the Offering will be directed primarily towards purchasing and installing a new manufacturing line, to produce plant-based food entrees as well as for day-to-day operations. This state-of-the-art manufacturing line will be installed in our existing 20,000 square foot manufacturing facility in Pitt Meadows, BC and replicates the manufacturing line currently used in the production facility in Australia, in order to produce the plant-based products currently being imported from Flexitarian Foods Pty. Ltd., a division of Australia's largest plant-based manufacturer.
Funds will also be directed to facility upgrades including an industrial freezer as well as increasing electrical and plumbing infrastructure. These upgrades will take place concurrently while we await the arrival of the new manufacturing line.
Once completed the facility will be capable of manufacturing a wide range of plant-based alternatives for beef, chicken, pork, fish and shellfish. This line is capable of producing ten (10) tons of finished plant-based entrees daily initially. As efficiencies are attained it is expected that this line will produce up to twenty (20) tons of finished plant-based entrees daily.
As reported in an earlier news release, the Company has begun installation of a sophisticated packaging system for NATERA Plant Based products for retail markets, food service and web sales. This versatile packaging system was selected for the range of products and packaging types it is designed to process, thus optimizing the opportunity to penetrate multiple channels.
Leveraging the existing infrastructure of our current production facility and optimizing manufacturing capacity and packaging flexibility is key as we engage with larger food service and retail clients. The upgraded manufacturing facility will provide the platform and wherewithal to acquire larger clients and the maintain a steady supply to meet demand.
Naturally Splendid CEO Mr. J. Craig Goodwin states, "The combination of a new plant-based production line and new packaging line is game changing for Naturally Splendid. This manufacturing and packaging system has been selected for its versatility and capacity. As we engage with larger food service and retail clients, it is essential to be able to meet their demands in packaging options as well as scalability to meet volume demands and this system allows us to do exactly that. Manufacturing ourselves rather than importing has several significant operational advantages including reduced cost per unit, inventory controls and the ability to customize production to meet the requirements of clients in Canada and the United States."
Naturally Splendid may pay finders a fee in cash and/or share purchase warrants in connection with the Offering. There is no minimum amount to the Offering. The Offering will be completed to "accredited investors" pursuant to National Instrument 45-106 - Prospectus and Registration Exemptions ("NI 45-106"), to existing security holders pursuant to BC Instrument 45-534 - Exemption from prospectus requirement from certain trades to existing security holders ("BCI 45-534") and to certain subscribers pursuant to B.C. Instrument 45-536 - Exemptions from prospectus requirement for certain distributions through an investment dealer. The Offering of securities pursuant to BCI 45-534 is being made to existing security holders who held shares of Naturally Splendid on November 16, 2021 (the "Record Date"). Naturally Splendid confirms that there is no material fact or material change regarding Naturally Splendid that has not been generally disclosed. In the event that Naturally Splendid receives subscriptions above the maximum, Naturally Splendid will adjust the subscriptions received on a pro-rata basis.
About Naturally Splendid Enterprises Ltd.
Founded in 2010, NSE operates a food manufacturing facility just outside Vancouver, BC in Canada. The Company has established numerous healthy, functional foods under recognized brands such as Natera Sport™, Natera Hemp Foods, CHII, Elevate Me™ and Woods Wild Bar™, and most recently Natera Plant Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment. The Company has a myriad of new products and line extensions under development that are approaching launch. NSE, through its joint venture Plasm Pharmaceutical, has been approved for conducting a phase 2 clinical trial approved by Health Canada for treatment of COVID-19. NSE has also developed proprietary technologies for the extraction of high-demand, healthy omega 3 and 6 oils from hemp.
NSE contract manufacturers for healthy, functional food products and ingredients focusing on plant-based ingredients. The Company provides contract manufacturing services for many healthy food companies, private labeling a wide variety of nutritional food products destined for global healthy food markets.
For more information e-mail [email protected] or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
CEO, President, Director
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
E-mail: [email protected]
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; customers will complete on sales contracts; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
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.
SOURCE: Naturally Splendid Enterprises Ltd.