Mr. Vito Sanzone reports
PROMINO NUTRITIONAL SCIENCES INC. ANNOUNCES PRIVATE PLACEMENT FINANCING
Promino Nutritional Sciences Inc. intends to conduct a private placement of units of the company at a price of five cents per unit for gross proceeds of up to $750,000.
Each unit will comprise one common share of the company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the company at a price of 18 cents per share for a period of 24 months from the date of issuance. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day. The company may pay finders' fees in connection with the offering in accordance with applicable securities laws and the policies of the Canadian Securities Exchange. Completion of the offering is subject to customary conditions and the receipt of all necessary approvals, including acceptance of the Canadian Securities Exchange.
The company intends to use the net proceeds of the offering to accelerate sales and fulfilment of Promino's marquee muscle strength and recovery sports beverages, Promino and Rejuvenate Muscle Health, to settle outstanding liabilities, and for general working capital purposes.
About Promino Nutritional Sciences Inc.
Promino is an innovative and research driven Canadian nutraceutical company specializing in the development of patented and science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. Promino's lead product, Rejuvenate Muscle Activator, is a patented proprietary formulation that is clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Promino also offers Promino, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and accelerate recovery from injury. Promino was founded in 2015 and is located in Burlington, Ont.
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