Lifeist Secures $100K Via Private Placement

Lifeist Wellness Inc. NXTTF LFST M has closed a non-brokered private placement of secured convertible debentures for aggregate gross proceeds to the company of $100,000. The company intends to use the proceeds from the offering to help fuel expansion of Lifeist’s cannabis and nutraceuticals businesses, CannMart, Inc and Mikra Cellular Sciences Inc., and general corporate purposes.

“Our ability to raise this growth capital at a premium to the current share price is directly tied to the recent progress CannMart has made with its in-house concentrates brand Roilty, and is a great vote of confidence in our cannabis business,” stated Meni Morim, Lifeist’s CEO. “Recent financial market challenges have made liquidity increasingly important. Lifeist is better capitalized today as we continue our path to profitability.”

The debentures sold in the offering carry a principal amount of $117,647 including an original issuance discount of 15%, will not bear interest, and mature on March 15, 2024. Holders of the debentures will be entitled to convert the funded amount of the debentures at any time on or prior to the maturity date into common shares of the company at a conversion price of $0.065, subject to standard adjustments. The repayment of the principal amount of the debentures will be secured by a security agreement over specific equipment of the company. This offering is part of an offering by the company of debentures to raise up to a maximum of $450,000‎ to be completed in one or more tranches as the company may determine. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. There can be no assurance that the offering will be completed, whether in whole or in part.

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