TSXV Trading Symbol: VPI
VANCOUVER, BC, March 25, 2021 /CNW/ - Vitality Products Inc.
(TSXV: VPI) (the "Company" or "Vitality") is pleased to announce an
increase in its previously announced (on March 17, 2021) and non-brokered private
placement (the "Private Placement") pursuant to which the Company
now plans to issue up to 6,000,000 units of the Company (each, a
"Unit"), at the same subscription price of $0.17 per Unit, and for gross proceeds of up to
$1,020,000.
Each Unit will continue to consist of one common share (each, a
"Common Share") and one transferable share purchase warrant (each,
a "Warrant") of the Company, and each such Warrant will continue to
entitle the holder thereof to acquire one additional common share
of the Company for a period of one year from the closing of the
Private Placement at an exercise price per Warrant common share of
$0.25; provided, however, that if at
any time after the date that is more than four months and one day
following the closing of the Private Placement the closing price of
the Company's common shares is equal to or greater than
$0.40 per common share for a period
of 20 consecutive trading days, the Company may accelerate the
expiry date of the Warrants by giving notice to the holders thereof
and in such case the Warrants will expire on the 10th business day
after the date on which such notice is given by the Company.
There continue to be no finder's fees or commissions associated
with the completion of the Private Placement, and the proceeds of
the Private Placement will continue to be used for the general
corporate and working capital purposes.
The Common Shares and the Warrants comprising the Units will be
subject to a hold period of four months and a day from the date of
closing in each instance.
About Vitality
Visit our new Investor site: investinvitality.com
VITALITY® is an award-winning line of clean vitamins and
supplements, marketed to natural health retailers and health and
wellness conscious consumers. Manufactured locally in BC, and
currently sold in 600 stores in Canada, and online on amazon.ca and amazon.com
in the United States.
Following the proven success of the line through repeat
orders and same store sales growth, the Company is focused on
expanding distribution and growing sales in-store and online;
evaluating, researching and developing new products for future
distribution; and exploring new markets for its products.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant"
Cheryl A. Grant, President and
CEO
Forward-Looking Information
Information set forth in this news release involves
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors
include, among others, the following risks: risks associated with
marketing and sale of securities; the need for additional
financing; reliance on key personnel; the potential for conflicts
of interest among certain officers or directors with certain other
projects; and the volatility of common share price and
volume. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and except as required by law, the Company
undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change. Investors are cautioned against attributing undue
certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT
TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY
PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
SECURITIES LEGISLATION.
Neither the 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 news release.
SOURCE Vitality Products Inc.