Else Nutrition announces investment for gross proceeds of up to $13.75M

Else Nutrition announce that the Company has entered into a definitive convertible security funding agreement with Lind Global Fund II. Under the terms of the Agreement, the Company will on closing issue an initial convertible security with a face value of $5,100,000, which would provide $4,133,125 in funds after deduction of the original issue discount and closing fees. On closing, the Initial Convertible Security will have a 36-month maturity date, and will be convertible into common shares of the Company after completion of a 120 day lock-up period. Lind will be able to convert 1/20th of the face value each month at a conversion price equal to 85% of the five-day volume weighted average price of the Shares immediately prior to each conversion, subject to a right to increase conversions in certain circumstances. The outstanding face value of the Initial Convertible Security, after 180 days, may be repaid in cash at the discretion of the Company, with a 5% premium. Following the Initial Convertible Security issuance, the Company would have the right to draw a further US$1,250,000, subject to the terms of the formal agreements, and thereafter an optional follow-on investment of up to US$6,500,000, upon mutual agreement, in exchange for the issuance of additional convertible notes.