NewH2 Limited Acquires Units of Else Nutrition Holdings Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

HONG KONG, Oct. 8, 2020 /CNW Telbec/ - NewH2 Limited ("NewH2") announces that it has acquired ownership and control over 1,777,777 units (the "Units") of Else Nutrition Holdings Inc. ("Else Nutrition") pursuant to a previously announced private placement, representing approximately 2.86% of the issued and outstanding common shares of Else Nutrition. Each Unit consists of one common share of Else Nutrition (the "Common Shares") and one-half of one warrant of Else Nutrition (the "Warrants"). Each whole Warrant entitles NewH2 to acquire one additional Common Share at an exercise price of $3.25 until October 6, 2022.

Immediately prior to the acquisition, NewH2 held 8,900,929 Common Shares, representing approximately 11.03% of the issued and outstanding Common Shares on a non-diluted basis, and 2,225,232 Warrants, which if exercised, would result in NewH2 holding 11,126,161 Common Shares, representing approximately 13.42% of the issued and outstanding Common Shares calculated on a partially diluted basis assuming the full exercise of the 2,225,232 Warrants held by NewH2 only.

Immediately after the acquisition, NewH2 holds 10,678,706 Common Shares, representing approximately 12.69% of the issued and outstanding Common Shares on a non-diluted basis, and 3,114,120 Warrants, which if exercised, would result in NewH2 holding 13,792,826 Common Shares, representing approximately 15.81% of the issued and outstanding Common Shares calculated on a partially diluted basis assuming the full exercise of the 3,114,120 Warrants held by NewH2 only.

NewH2 acquired the Units for investment purposes only and not with a view to materially affecting control of Else Nutrition. Depending upon market conditions and other factors, and in compliance with applicable regulatory requirements, NewH2 may, from time to time, acquire or dispose of additional securities of Else Nutrition, in the open market, by private agreement or otherwise, or acquire interests in or enter into related financial instruments involving a security of Else Nutrition.

The head office address of Else Nutrition is 4 Raul Wallenberg St., Tel Aviv, Israel 6971904.

SOURCE NewH2 Limited

or to obtain a copy of the Early Warning Report filed by NewH2, please contact Akash Bedi, at [email protected].