TORONTO, Jan. 8, 2019 /CNW/ - GreenSpace Brands Inc.
("GreenSpace" or the "Company") (TSXV: JTR) is
pleased to announce that it has closed the initial advance of
$2 million pursuant to the previously
disclosed loan agreement dated December 24,
2018 (the "Loan Agreement") between the Company and
Primary Capital Inc., as administrative and collateral agent for a
syndicate of lenders. In connection with the initial advance, the
Company has issued to the lenders an aggregate of 346,667 common
shares of the Company (the "Loan Fee Shares") at a deemed
price of $0.375 per Loan Fee Share. The Loan Fee Shares are subject
to a four month hold period in accordance with applicable Canadian
securities laws which will expire on May 9,
2019. Details of the Loan Agreement are set forth in the
Company's news release dated December 24,
2018.
![GreenSpace Brands Inc. (CNW Group/GreenSpace Brands Inc.) GreenSpace Brands Inc. (CNW Group/GreenSpace Brands Inc.)](https://mma.prnewswire.com/media/805925/GreenSpace_Brands_Inc__GreenSpace_Brands_announces_closing_of_in.jpg)
The Company also announces that it has issued an aggregate of
62,720 common shares of the Company (the "Earn-Out
Shares") in satisfaction of the earn-amount payable in
connection with its acquisition of all of the issued and
outstanding shares of The Cold Press Corp. pursuant to a share
purchase agreement dated August 17,
2017. The Earn-Out Shares are subject to a four-month hold
period in accordance with applicable Canadian securities laws which
will expire on May 5, 2019.
About GreenSpace Brands Inc.
GreenSpace is a Canadian-based brand ideation team that
develops, markets and sells premium natural food products to
consumers across Canada and
the United States. Greenspace owns
and operates the following brands: Love Child Organics, one of the
fastest growing brands in Canada
and a producer of 100% organic food for infants and toddlers made
with pure, natural and nutritionally-rich ingredients; Central
Roast, a clean snacking brand that is one of the leading natural
food brands in Canada; Rolling
Meadow Dairy, Canada's leading
grass fed dairy, delivering premium fluid and cultured products
across Canada; Life Choices which
features premium convenience meat products made with grass fed and
pasture raised meats without the use of added hormones and
antibiotics; Kiju, the Canadian market leader in the shelf stable
organic juice segment; Cedar, the Canadian leader in cold pressed
and gut health focused fresh juices; and Go Veggie, one of the
leading brands in North America in
the emerging plant based dairy category. All brands are wholly
owned and retail in a variety of natural and mass retail grocery
locations across Canada and
the United States.
For more information, visit www.greenspacebrands.ca.
GreenSpace's filings are also available at www.SEDAR.com.
Forward-Looking Statements
Certain statements in this news release may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements include, but are not
limited to, statements with respect to the Loan Agreement.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intend", "estimate", "anticipate",
"believe", "should", "plans" or "continue", or similar expressions
suggesting future outcomes or events. Such forward-looking
statements reflect management's current beliefs and are based on
information currently available to management. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those contemplated by such
statements. There can be no assurance that actual results will be
consistent with these forward-looking statements. Factors that
could cause such differences include the risk factors included in
the Company's Annual Information Form dated August 22, 2018 under the heading "Risks and
Uncertainties Related to the Business" and as described from
time to time in the reports and disclosure documents filed by the
Company with Canadian securities regulatory agencies and
commissions. This list is not exhaustive of the factors that may
impact the Company's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on the Company's forward-looking statements. As a
result of the foregoing and other factors, no assurance can be
given as to any such future results and neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of these forward-looking statements. All
forward-looking statements in this news release are qualified by
these cautionary statements. The forward-looking statements
contained herein are made as of the date of this news release and
except as required by applicable law, the Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE GreenSpace Brands Inc.