On June 29, 2022, Else Nutrition Holdings Inc. (“Else” or the “Company”) (TSX: BABY) closed its marketed public offering of units (the “Units”) for aggregate gross proceeds of approximately C$7.35 million, including the partial exercise of an over-allotment option (the “Offering”). The Offering was conducted through a syndicate of underwriters (the “Underwriters”) led by Stifel Nicolaus Canada Inc. as sole bookrunner.
Pursuant to the Offering, Else issued 7,004,000 Units at a price of C$1.05 per Unit, each Unit comprised of one common share and one common share purchase warrant. The Units were offered by way of a supplement to a short form base shelf prospectus filed in all provinces of Canada except Quebec and elsewhere on a private placement basis. The Company, a leading producer of plant-based baby, toddler and children’s food products, plans to use the net proceeds from the Offering to fund research and development including clinical studies, fund sales and marketing, acquire inventory, and for general corporate purposes.
Fasken acted as legal counsel to the Underwriters with a team comprised of Neil Kravitz, Monica Dingle, Alexandre Morin and Nancy Xiaoyu Liu (Corporate), and Ryan Rabinovitch and Youcef Belrachid (Tax).