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  • Else Nutrition Holdings (BABY) has closed the first tranche of a convertible security funding agreement with Lind Global Fund II LP
  • The company issued a convertible security with a face value of US$5.1 million and 8,247,129 common share purchase warrants
  • The proceeds from the initial convertible security will be applied to clinical trials in connection with FDA and other application processes
  • The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies
  • Else Nutrition Holdings Inc. is a food and nutrition company in the international expansion stage
  • Else Nutrition Holdings Inc. opened trading at C$0.53

Else Nutrition Holdings (BABY) has closed the first tranche of a convertible security funding agreement with Lind Global Fund II LP.

Under the first tranche of the previously-announced agreement, Else issued a convertible security with a two-year term and a face value of US$5,100,000 and 8,247,129 common share purchase warrants. The warrants are exercisable into common shares for a period of 48 months from the date of issuance at a price of C$1.15 per share.

The initial convertible security has a 36-month maturity date and will be convertible into shares following 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 per cent 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.

Should the company exercise its buy-back right, Lind would have the option to convert up to 33 per cent of the face value of the initial convertible security into shares.

Following the initial convertible security issuance, the company would have the right to draw a further $1,250,000 (which may be increased to $3,000,000 upon mutual agreement), subject to the terms of the formal agreements, and thereafter an optional follow-on investment of up to $6,500,000, upon mutual agreement, in exchange for the issuance of additional convertible notes.

The initial convertible security, and each of the additional convertible notes, if applicable, will include detached warrants to purchase common shares.

The proceeds from the issuance of the initial convertible security will be applied to clinical trials in connection with FDA and other application processes, as well as general working capital.

The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK.

Else Nutrition Holdings Inc. is a food and nutrition company in the international expansion stage focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults.

Else Nutrition Holdings Inc. opened trading at C$0.53.


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