LeanLife Health Inc. Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2022) - LeanLife Health Inc. (CSE: LLP) (FSE: LL1) (the "Company" or "LeanLife"), is pleased to announce that it has closed a first tranche of a Non-Brokered private placement up to $1,000,000 (the "Offering") issuing a total of 7,300,000 Units at a price of $0.05 per Unit for aggregate proceeds of $365,000.
Each Unit is comprised of one common share (a "Share") and one-half a transferrable Share purchase warrant (a "Warrant") of the Company. Each Full Warrant will entitle the holder to purchase an additional Share at a price of $0.075 per for a 2-year period after the Closing Date. All the securities issued are subject to a four month and a day hold period from the date of issuance (the "Warrant Expiry Date").
Following the expiry of the resale restrictions on the Units, If the daily volume weighted average price of the Company's Shares on the Canadian Securities Exchange ("CSE") is C$0.20 per share or greater for any 10 consecutive trading days during the period where the Warrants are outstanding, the Company may, by written notice to the holder or by issuing a news release, accelerate the Warrant Expiry Date of the Warrants to be 30 days following the date of such notice or news release.
In connection with the closing of the first tranche of the Offering, the Company will pay finder's fees totalling $27,000 in cash, and will issue 540,000 finders warrants. Each Finders Warrant shall be exercisable for a Common share at a price of Cdn$0.075 for a period of two years from the issue date and will be subject to an accelerated expiry provision.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
The Company intends to use the proceeds raised from the Offering for General capital purposes & towards the Licensing agreement/product purchase orders with Foodcare for Mike Tyson Endorsed Iron Energy Drinks.
About LeanLife Health Inc.
We are excited to be rolling out the Mike Tyson endorsed Iron Energy Drinks into the soft drink market across the United States in 2022.
Our team is working diligently to launch Amazon and convenience store sales of Iron Energy Drinks (endorsed by Mike Tyson) across the UniPlacements.
New initiatives have driven our team to incorporate more products to diversify our offerings and enrich shareholder value.
The Company also has engaged a team with global expertise in Omega-3 science and production, energy drink sales, and direct-to-consumer marketing. Our professionals are working to ensure our Omega-3 flaxseed oil is the healthiest, most stable, and the most convenient available today.
LeanLife Health Inc. was born from a desire to offer high-quality Omega-3 plant-based oils to the world. Evidence of over 50 years supports the numerous health benefits of flaxseed Omega-3 alpha-linolenic acid. LeanLife Health recognized that over 50% of North Americans do not consume enough Omega-3 fats and eat far too many Omega-6 fats. Our Omega-3 flaxseed formulation is stable for 2 years which will allow more food companies to add the oil to their products and more consumers to meet their nutritional needs. Proprietary methods initially developed at a Polish University in 2007 have been continuously improved upon to result in the most nutritionally stable plant-based Omega-3 oils that are on the market today.
For more information, visit our website at https://www.leanlifehealth.com/
Anis Barakat, CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "upon" "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the gross proceeds anticipated to be received under the First Tranche Private Placement; the future exercise of any Warrants issued under the First Tranche Private Placement; the future price of the Company's common shares on the CSE; the future exercise by the Company of its right to accelerate the Warrant Expiry Date; the approval of the CSE of the First Tranche Private Placement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111287