TORONTO, July 29, 2021 /CNW/ - GreenSpace Brands Inc.
("GreenSpace" or the "Company") (TSXV: JTR), a leader within the
organic and plant-based food industry, is pleased to announce it
has agreed to issue 9,378,194 common shares in the settlement of
$656,474 owing to a third-party
service provider at a deemed price $0.07 per share. The price is based on the
average market price for the previous day prior to executing the
settlement agreement.
As part of its comprehensive Project FIT initiative, the Company
is collaborating with certain of its service providers for a
multi-year program which is expected to deliver improved
operational efficiencies. Efficiencies generated from the
Project FIT initiative are intended to be redeployed into
accelerating the profitable growth of the GreenSpace business over
time.
"We are pleased with the positive working relationship that we
have developed with this service provider," says Shawn Warren, President and CEO of GreenSpace
Brands. "The conversion of this service provider's debt into
equity shows the support they are willing to provide GreenSpace as
we execute our business strategy."
The common shares will be subject to a hold period of four
months plus a day under Canadian securities laws. The
GreenSpace Board of Directors has unanimously approved the
transaction, which is subject to TSXV Exchange approval.
ABOUT GREENSPACE BRANDS INC.:
GreenSpace is a North
American organic and plant-based food business that develops,
markets and sells premium food products to consumers within
fast-growing natural and organic food categories. GreenSpace owns
LOVE CHILD ORGANICS, 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 organic nut and seed mixes and GO VEGGIE, one of the pioneers
and leaders in the US plant-based dairy market. All brands
are wholly-owned and are sold in a variety of online, natural and
retail grocery locations.
For more information, visit www.greenspacebrands.ca and
GreenSpace's filings are also available at
www.SEDAR.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain
information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking
information is necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, certain of which are beyond the
control of GreenSpace, including, but not limited to, the failure
of third parties to comply with their obligations to the Company or
its affiliates; the impact of new and changes to, or application
of, current laws and regulations; critical accounting estimates and
changes to accounting standards, policies, and methods used by the
Company; the occurrence of natural and unnatural catastrophic
events and claims resulting from such events; and risks related to
COVID-19 including various recommendations, orders and measures of
governmental authorities to try to limit the pandemic, including
travel restrictions, border closures, nonessential business
closures, quarantines, self-isolations, shelters-in-place and
social distancing; and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking information, including the risks
identified in the Company's disclosure documents. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking information contained in this press release is
given as of the date hereof and is based upon the opinions and
estimates of management and information available to management as
at the date hereof. The Company disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
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 release.
SOURCE GreenSpace Brands Inc.
