Tickers: XCNQ:MYM, XOTC:MYMMF
Tags: #MedicinalMarijuana
Vancouver, British Columbia - TheNewswire - May 1, 2020 - MYM Nutraceuticals Inc., (CSE:MYM) (CNSX:MYM.CN) (OTC:MYMMF) ("MYM" or the "Company") announces it has issued 1,250,000 units in non-brokered private placement at price of $0.06 per unit for gross proceeds of $75,000. There were no finders' fees payable on this placement.
The offering was priced in the context of the market based on a price reservation made by the Company with the Canadian Securities Exchange ("CSE"). The private placement is subject to the approval of the CSE and the securities will be subject to a four-month hold period under securities laws. The Company intends to use the net proceeds from the private placement for working capital purposes.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.10 for a period of three years from the issue date. The warrants are subject to an acceleration provision that allows the Company to give notice of an earlier expiry date if the Company's share price on the Canadian Securities Exchange (or such other stock exchange the Company may be trading on) is equal or greater than $0.20 for a period of 10 consecutive trading days.
The Company also announces that it has agreed to a shares for debt transaction whereby the Company issued 566,681 common shares of the Company ("Shares") at a deemed price of $0.08 per Share pursuant to certain employment and consulting agreements that contain provisions for the issuance of Shares as part of the compensation (the "Transaction").
All Shares issued in connection with the Transaction are subject to a minimum four-month hold period as required by Canadian securities laws. The Transaction is subject to approval of the Canadian Securities Exchange (the "CSE").
As certain insiders participated in the Transaction, it is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities to be distributed in the Transaction in so far as the Transaction involves the insiders, exceeds 25% of the Company's market capitalization.
About MYM Nutraceuticals Inc.
MYM, through its subsidiary, Sublime Culture, is a cutting edge Canadian licensed producer of high quality "craft" cannabis. We are uniquely positioned to opportunistically acquire and/or invest in companies within the cannabis and hemp industries that are in need of capital and management support. Our senior management team is made up of experts engaged in a wide array of disciplines - upper level management of public companies, finance, law, master growing, plant pathology, agricultural economics, pharmaceutical, engineering, global marketing, product development and branding, distribution and seed genetics. MYM is a shareholder in two production projects in Quebec and is actively looking to acquire complementary businesses and assets in the cannabis sector. MYM shares trade in Canada, Germany and the United States under the following symbols: (CSE: MYM) (OTC: MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
MYM Nutraceuticals Inc.
www.mym.ca
Investor Relations
Keep up to date with MYM on our social media channels:
Twitter: @mymnutra
Facebook: @mymnutra
Instagram: @mymnutra
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