Premium natural food products firm Greenspace upsizes proposed brokered private placement

Greenspace has upsized its proposed brokered private placement being made through a syndicate of agents led by PI Financial Corp., who have exercised their option to increase the size of the Offering, which will now consist of up to 150,000,000 units at a price of $0.05 per Unit. The net proceeds will be used for working capital and general corporate purposes.

GreenSpace is a Canadian-based brand ideation team that develops, markets and sells premium natural food products to consumers across North America. GreenSpace owns Love Child, a producer of 100% organic food for infants and toddlers made with natural and nutritionally-rich ingredients, Central Roast, a clean snacking brand featuring a wide assortment of nut and seed mixes and GO VEGGIE, one of the leaders in the US plant-based dairy market. All brands are wholly-owned and retail in a variety of natural and mass retail grocery locations.

Each Unit will consist of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant which will entitle the holder of the Warrant to purchase one Common Share for $0.08 per share (“Exercise Price”) for up to 24 months from the date of closing (“Expiry Date”), provided that if at any time between the date that is four months and one day from the closing of the Offering and the Expiry Date, the daily volume weighted average closing price of the Common Shares on the TSX Venture Exchange is greater than $0.15 for ten (10) consecutive trading days, the Company shall have the option to accelerate the expiry of the Warrants by delivering a notice to holders of the Warrants (the “Acceleration Notice”). In such instance, the Warrants will be exercisable only until the 30th day following the delivery of the Acceleration Notice.

In Connection with the Offering, the Agents are to receive as compensation: (i) a cash commission of 7% of the gross proceeds raised pursuant to the Offering; and (ii) non-transferable broker warrants exercisable at $0.05 from the end of the hold period to the day that is 18 months from the Closing date to acquire in aggregate that number of Common Shares which is equal to 7% of the number of Units sold, subject to reduction to 3% in each case for certain agreed subscribers. Closing of the Offering is expected to occur on or about December 22, 2020.

The Offering is subject to approval by the TSX Venture Exchange (“TSXV”) and all securities issued pursuant to the Offering will be subject to a hold period expiring four months and one day from the applicable closing date.