Progress Towards Building A Strong Canadian Brand
TORONTO: January 4th 2024 – Shiny Health & Wellness Corp. (the “Company”) (TSXV: SNYB) announces the closing of its previously announced non-brokered private placement.
The financing consisted of units (each, a “Unit”) at a price of $0.10 per Unit (the “Offering”). The Company closed a first tranche of the Offering on October 4, 2023 (the “First Tranche”) and does not anticipate any more proceeds from this offering. For more information on the Offering and the First Tranche, please see the Company’s press release dated October 4, 2023. The Company intends to use the net proceeds of the Offering for general working capital requirements, including to advance the Company’s cannabis line of business performance by increasing store inventory, new store build-outs, plus acquisitions.
The closing of the Offering is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (the “TSXV“). No Finder’s fees will be paid in conjunction with the offering. The Unit Shares and Warrant Shares will be subject to a hold period of four months and one day following the closing date of the Offering in accordance with applicable securities laws.
The Company also announces it has agreed to settle an aggregate amount up to $200,000 for services and expenses rendered to the Company (the “Debt Settlement”) to be settled by the issuance of units, at a deemed price of .10 per unit with a .35 warrant. The transaction is being undertaken by the Company in order to conserve working capital. The securities issued pursuant to the Debt Settlement will be subject to a four-month hold period commencing on the date of issuance. Completion of the Debt Settlement is subject to acceptance by the TSX Venture Exchange.
Neither the 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 the release.