Over the weekend, MYM Nutraceuticals Inc. (CSE:MYM) (OTC:MYMMF) announced the execution of definitive agreements with respect to its previously announced equity investment of up to $25,000,000 by Alumina Partners LLC for working capital and corporate expansion initiatives.
The $25,000,000 equity investment can be drawn in tranches over a two-year period, subject to acceptance by Alumina. Furthermore, MYM has already closed on its first tranche under the definitive agreement, consisting of 2,439,024 units at a price of $0.41 per unit for gross proceeds of $1,000,000.
Each unit is comprised of one common share and one transferable share purchase warrant with each warrant exercisable into one additional common share at a price of $0.64 for a period of three years. The warrants are subject to an acceleration provision that allows MYM to give notice of an earlier expiry date if the 10-day volume weighted average price of the company’s common shares on the Canadian Securities Exchange is equal or greater than $1.28. The securities will be subject to a four month and one day hold period under applicable securities laws.
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