Vitality Announces Increase in Private Placement
TSXV Trading Symbol: VPI
VANCOUVER, BC, March 25, 2021 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or "Vitality") is pleased to announce an increase in its previously announced (on March 17, 2021) and non-brokered private placement (the "Private Placement") pursuant to which the Company now plans to issue up to 6,000,000 units of the Company (each, a "Unit"), at the same subscription price of $0.17 per Unit, and for gross proceeds of up to $1,020,000.
Each Unit will continue to consist of one common share (each, a "Common Share") and one transferable share purchase warrant (each, a "Warrant") of the Company, and each such Warrant will continue to entitle the holder thereof to acquire one additional common share of the Company for a period of one year from the closing of the Private Placement at an exercise price per Warrant common share of $0.25; provided, however, that if at any time after the date that is more than four months and one day following the closing of the Private Placement the closing price of the Company's common shares is equal to or greater than $0.40 per common share for a period of 20 consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 10th business day after the date on which such notice is given by the Company.
There continue to be no finder's fees or commissions associated with the completion of the Private Placement, and the proceeds of the Private Placement will continue to be used for the general corporate and working capital purposes.
The Common Shares and the Warrants comprising the Units will be subject to a hold period of four months and a day from the date of closing in each instance.
About Vitality
Visit our new Investor site: investinvitality.com
VITALITY® is an award-winning line of clean vitamins and supplements, marketed to natural health retailers and health and wellness conscious consumers. Manufactured locally in BC, and currently sold in 600 stores in Canada, and online on amazon.ca and amazon.com in the United States. Following the proven success of the line through repeat orders and same store sales growth, the Company is focused on expanding distribution and growing sales in-store and online; evaluating, researching and developing new products for future distribution; and exploring new markets for its products.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant"
Cheryl A. Grant, President and CEO
Forward-Looking Information
Information set forth in this news release involves forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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 this news release.
SOURCE Vitality Products Inc.
Vitality Products Inc., Cheryl A. Grant, President and CEO, (604) 591-1322, [email protected]
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