Subject: Promino Nutritional Sciences Inc. - News for Dissemination
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File: '\\swfile\EmailIn\20250403 151718 Attachment MUSL - News release re Private Placement Closing (April 3, 2025).docx'
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Promino Nutritional Sciences Closes Oversubscribed Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BURLINGTON, Ontario - April 3, 2025 - Promino Nutritional Sciences Inc. (CSE: MUSL; OTC: MUSLF; FRANKFURT: 93X) (the "Company" or "Promino") (www.drinkpromino.com) is pleased to announce it has closed its previously announced private placement (the "Private Placement") of units ("Units") of the Company (see the news releases dated February 25 and March 14, 2025). In the second tranche the Company issued an aggregate of 10,881,000 Units at a price of $0.05 per Unit for gross proceeds of $544,050, with each Unit comprised of one common share of the Company and one common share purchase warrant. Each warrant is exercisable to acquire one common share of the Company at a price of $0.18 per share for a period of 24 months from the date of issuance. Together with the first tranche, the Company has issued an aggregate of 17,281,000 Units for gross proceeds of $864,050, exceeding the originally announced amount of up to $750,000.
In connection with closing of the second tranche, the Company paid:
cash finder's fees in the aggregate amount of $35,073.50; and
issued an aggregate of 701,470 non-transferable finder's unit warrants ("Finder's Unit Warrant"), with each Finder's Unit Warrant exercisable at a price of $0.05 per finder's unit (each a "Finder's Unit") for a period of 24 months. Each Finder's Unit consists of one common share in the capital of the Company (a "Finder's Share") and one warrant which shall entitle the holder thereof to acquire one additional Finder's Share at a price of $0.18 until the date that is two years following the exercise of the Finder's Unit Warrant.
All securities issued in connection with the Private Placement are subject to a hold period of four months and one day pursuant to applicable securities laws.
The Company intends to use the net proceeds of the Private Placement to accelerate sales and fulfillment of Promino's marquee muscle strength and recovery sports beverages, Promino(TM) and Rejuvenate Muscle Health(TM), 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(TM) 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(TM), 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, Ontario.
To learn more about Promino, visit www.drinkpromino.com.
For more information about Rejuvenate Muscle(TM) Activator and where to purchase, visit www.rejuvenatemuscle.com.
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In this news release, forward-looking statements include, without limitation, statements regarding: the anticipated use of proceeds of the private placement; the expected effect of the Promino(TM) and Rejuvenate(TM) products on the protein market, the Company and its business, including any anticipated benefits to the Company; and the Company's business prospects, future trends, plans and strategies. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions regarding the availability of capital resources, business performance, market conditions, customer demand and general economic conditions. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions as at the date they were made, investors are cautioned against placing undue reliance on these statements since actual results may vary from the forward-looking information. Consequently, all of the forward-looking statements contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that management anticipates will be realized. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein is provided as of the date hereof, and management does not undertake to update or amend such forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
SOURCE Promino Nutritional Sciences Inc.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information:
Vito Sanzone, vsanzone@drinkpromino.com, 289-348-1970 ext. 222;
Marc Charbin, Investor Relations, marc.charbin@loderockadvisors.com, 416-467-5229.
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