Lifeist Closes Second Tranche With Alumina Partners To Support Mikra's U.S. Distribution Through GNC Stores

Lifeist Wellness Inc. NXTTF LFST M has completed a second tranche under its draw-down equity facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners, LLC. Gross proceeds to Lifeist were approximately $260,335.

“This equity growth capital will help facilitate a successful and timely launch of Mikra’s U.S national distribution agreement with health and wellness retail giant GNC over the coming months,” stated Meni Morim, Lifeist’s CEO. “Alumina is an important partner, having expressed a meaningful vote of confidence in Lifeist and especially our nutraceutical initiatives at Mikra, and providing us with access to capital in a flexible structure that allows us to maintain our debt-free balance sheet.”

As previously announced, Lifeist and Alumina Partners entered into an equity financing facility of up to $8 million. Lifeist has the ability to draw down capital on an as-needed basis, minimizing dilution.

In connection with the closing of the second tranche under the equity facility, Lifeist issued a total of 4.63 million units at a price of $0.05625 per unit for gross proceeds of $260,335. Each unit consisted of one common share of Lifeist and one transferable share purchase warrant with each warrant exercisable to acquire one additional common share at a price of $0.09375 for a period of three years. The warrants are subject to an acceleration provision that allows the company to give notice of an earlier expiry date if the 10-day volume weighted average price of the company’s common shares on the TSXV is equal or greater than $0.1875. The securities are subject to a hold period expiring on June 1, 2023.

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo by Esteban Lopez on Unsplash