VANCOUVER, Feb. 27, 2018 /CNW/ - MYM Nutraceuticals Inc., (CSE: MYM) (OTC: MYMMF) (the "Company" or "MYM") is pleased to announce it has closed its non-brokered private placement of 535,319 units at a price of $2.25 per unit for gross proceeds of $1,204,467.75 (the "Private Placement"). Insiders subscribed to 100,443 units for gross proceeds of $225,996.75. As a result, the Private Placement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons exceeded 25% of the Company's market capitalization. No commissions were paid in respect to the Private Placement.
Each unit in the Private Placement is comprised of one common share and one transferable share purchase warrant, with each warrant exercisable into one additional common share at a price of $3.25 for a period of two years. The warrants are subject to acceleration in certain circumstances. The securities will be subject to a four-month-and-one-day hold period under securities laws.
The Company intends to use the net proceeds from the private placement for general working capital and corporate purposes.
About MYM Nutraceuticals Inc.
MYM Nutraceuticals Inc. is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. MYM has two production projects in Quebec that when completed will have over 1.5 million sf of production space. MYM is also a partner in a 1.2 million sf production project (Northern Rivers Project) in New South Wales, Australia. Australia is an exciting new market that has recently legalized medicinal cannabis. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada, Germany and the USA under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA: 0MY) (DEU: 0MY) (MUN: 0MY) (STU: 0MY).
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This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on http://www.sedar.com.
This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange (CSE or CNSX Markets), nor its Regulation Services Provider (as that term is defined in policies of the CSE), accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
ON BEHALF OF THE BOARD
SOURCE MYM Nutraceuticals Inc.
For further information: Rob Gietl, CEO, MYM Nutraceuticals Inc., http://www.mymarijuana.ca; Investor Relations, Terry Brown, +1-855-696-2261, [email protected]