Lifeist Wellness closes second tranche with Alumina Partners

Lifeist Wellness announced that it has completed a second tranche under its previously announced draw-down equity facility with Alumina Partners, an affiliate of New York-based private equity firm Alumina Partners, LLC. Gross proceeds to Lifeist were approximately $260,335. As previously announced, Lifeist and Alumina Partners entered into an equity financing facility of up to $8 million. Lifeist has the ability to draw down capital on an as-needed basis, minimizing dilution. In connection with the closing of the second tranche under the equity facility, Lifeist issued a total of 4,628,177 units at a price of $0.05625 per unit for gross proceeds of $260,335. Each unit consisted of one common share of Lifeist and one transferable share purchase warrant with each warrant exercisable to acquire one additional common share at a price of $0.09375 for a period of three years. 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 $0.1875. The securities are subject to a hold period expiring on June 1, 2023. The proceeds of this second tranche will be used for general corporate purposes, including growth investments for the Mikra nutraceuticals business.