Lifeist Secures $166K Via Private Placement

Lifeist Wellness Inc. (OTCQB:LFSWF) (TSXV:LFST) (FRANKFURT:M5B) has closed a non-brokered private placement of secured convertible debentures for aggregate gross proceeds to the company of CA$225,000 ($166,000). The company intends to use the proceeds from the offering to help fuel expansion of Lifeist’s cannabis and nutraceuticals businesses, CannMart, Inc and Mikra Cellular Sciences Inc.

The debentures sold in the offering carry a principal amount of $264,300 including an original issuance discount, will not bear interest, and mature on April 20, 2024. Holders of the debentures will be entitled to convert the funded amount of the debentures at any time on or prior to the maturity date at a deemed price of $0.05 per unit, consisting of one common share and one warrant, with each warrant exercisable by the holder to acquire one additional share at $0.05625 per share until April 20, 2026, subject to standard adjustments.

The repayment of the principal amount of the debentures will be secured by a security agreement over specific equipment of the company. This offering is part of an offering by the company of debentures to raise up to a maximum of $800,000, to be completed in one or more tranches as the company may determine. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that the offering will be completed, whether in whole or in part.

There are no finders fees associated with the offering. closing of the offering is subject to regulatory approval, including that of the TSX Venture Exchange.

The debentures were offered and sold by private placement in Canada pursuant to exemptions from the prospectus requirements under National Instrument 45-106 - Prospectus Exemptions.

Photo by Mackenzie Marco on Unsplash

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