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Lifeist Wellness Inc. (OTCQB:NXTTF) (TSXV:LFST) (FRANKFURT:M5B) has entered into a definitive agreement for a drawdown equity financing facility of up to $8 million with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners, LLC.
The investment agreement provides Lifeist with a financing facility over a period of 24 months during which time the company can draw down, subject to certain conditions, through private placement tranches of units of securities of the company for gross proceeds of up to $250,000. Each private placement tranche of units will comprise one common share of the company and one common share purchase warrant of the company. The units will be issued at a discount of 15% to 25% from the closing market price as determined by the filing of a price reservation form with the TSXV, and the exercise price of the warrants will be at a 25% premium above that closing market price.
Further to entering into the investment agreement, the company has closed its first tranche under the said agreement, consisting of 2.5 million units issued at a price of $0.06 per unit for gross proceeds of $150,000. Each unit is comprised of one common share and one transferable share purchase warrant with each warrant exercisable to acquire one additional common share at a price of $0.10 for a period of three years. Accordingly, the company has issued to Alumina from treasury 2.5 million common shares and 2.5 million warrants. 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 $0.20. The securities are subject to a hold period expiring on March 16, 2023. The proceeds of this first tranche will be used for general corporate purposes.
Amendments to Stock Option Plan
The company has amended and restated its 10% rolling stock option plan to comply with the requirements of the new TSXV policy governing security-based compensation which became effective on November 24, 2021. The amendments have been conditionally approved by the TSXV and are subject to shareholder ratification at the annual general meeting of shareholders.
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