Nutritional High Announces Warrant Extensions, Option Issuances and Debenture Agreement Amendment
TORONTO, ONTARIO–(Marketwired – Dec. 21, 2015) – Nutritional High International Inc. (the “Company” or “Nutritional High“) (CSE:EAT)(OTCQB:SPLIF) wishes to announce the extension of the Series I Warrant term, option issuances and amendment to the Senior Convertible Debenture Agreement.
The Company has amended the exercise period of its share purchase warrants issued on June 27, 2014 from eighteen months to twenty one months. 5,563,348 Series I Warrants with expiry date of December 27, 2015 will now expire on expire on March 27, 2016. The Warrants exercise price of $0.05 per Common Share remains unchanged.
The Company’s board has approved for the issuance 150,000 stock options (“Stock Options“) to Gary Margolin, the COO of the Company and 350,000 Stock Options to Billy Morrison, the Company’s director and Extraction Manager. Each Stock Option is exercisable into Common Shares at a price of $0.075 per Common Share for a period of five years from the date of issuance, vesting quarterly over a three year period.
Amendment to Senior Convertible Debenture Agreement
The Company has entered into an amending agreement with the holder of Senior Convertible Debenture (“Holder“) to provide for the prepayment. The Company has agreed to issue 3,750,000 Common Share purchase warrants (“Warrants“) to the holder of the Secured Convertible Debenture immediately, and pay a fee in the amount of $27,000 if the Company elects to proceed with pre-payment. Each Warrant entitles the Holder to purchase one Common Share at an exercise price of $0.06 per Common Share for a period of two years from the date of the Warrant. As of the date hereof, the principal amount of the Senior Convertible Debenture outstanding is $100,000.
An early pre-payment of the Senior Convertible Debenture provides the Company with potential non-dilutive sources of funds by seeking additional debt financings against the Company’s real estate assets. The Company is in discussions with several parties regarding potential secured debt financings and expects to provide an update in this regard in early 2016.
About Nutritional High International Inc.
Nutritional High is focused on developing, acquiring and designing products and brands in the hemp and marijuana-infused edible products and oil extracts sectors for medical and adult recreational use. The Company works exclusively in jurisdictions where such activity is permitted and regulated by state law, through entities that hold a valid license to produce marijuana-infused edible products and to distribute, and dispense marijuana products. Nutritional High’s expansion strategy consists of acquiring licenses and operating businesses for the processing, development, manufacturing and sale of marijuana-infused edible products and oil extractions for medical and adult recreational use.
For updates on the edibles industry and highlights of the Company’s press releases and other media coverage, please follow Nutritional High on Facebook, Twitter, Instagram and Google+.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR OTC MARKETS GROUP INC, NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable real estate and raising sufficient financing to complete the Company’s business strategy. There is no certainty that any of these events will occur. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.