YOOMA WELLNESS INC. Trading is expected to commence on
Yooma, together with its European deal coordinator,
Yooma has also granted a single strategic investor ("Strategic Investor") an option ("Option") to acquire 9,555,555 Common Shares at the Placing Price, that will raise an additional £5 million gross proceeds for the Company if exercised, which would bring the total amount raised in the financing to
In connection with the financing, Yooma will also pay aggregate cash commissions of
"We are pleased to be announcing this financing, including the addition of many
Yooma has also announced the appointment of
Certain directors of Yooma will acquire Common Shares and Warrants in the financing. Such participation will be considered a "related party transaction" for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a), as the aggregate fair market value of the consideration for the related party transaction, insofar as it involves interested parties, does not exceed 25% of the issuer's market capitalization. The Company did not file a material change report in respect of the financing 21 days before the anticipated completion of the financing, which the Company deems reasonable in the circumstances in order to complete the financing expeditiously and concurrently with the Company's anticipated listing on the AQSE.
About
Yooma's mission is to build a vertically-integrated global leader in the manufacturing, marketing, distribution, and sale of wellness products including hemp seed oil and hemp-derived and cannabinoid (CBD) ingredients. The company leverages strategically curated sales channels and ecommerce networks to deliver a diverse mix of wellness products through operating subsidiaries in the United States, United Kingdom, France and Japan. Learn more at www.yooma.ca.
Media Contact:
Email: michaelbancroft@globalive.com
Issuer Contact:
Email: jgreenberg@yooma.ca
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to future financial or operating performance and other statements of Yooma that express management's expectations or estimates of future performance or activities, other than statements of historical fact, constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management's current expectations and plans relating to the future. Wherever possible, words such as "will", "would", "intends", "anticipate", "expected", "subject to" or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action, including statements about, the completion of the financing, the exercise of the Option, the listing of the common shares of Yooma on the AQSE and their effect on the growth of the Company.
There are many risks and uncertainties that may affect forward-looking statements including, among others, regulatory risk in each jurisdiction in which Yooma does or intends to operate; the uncertainties, effects of and responses to the COVID-19 pandemic; reliance on licenses; competition; dependence on senior management and key personnel; general business risk and liability; regulation of the CBD industry; changes in laws, regulations and guidelines; compliance with laws; limited operating history; unfavourable publicity or consumer perception; product liability; risks related to intellectual property; product recalls; difficulties with forecasts; management of growth; litigation; the possibility the Company's application for listing will be delayed or rejected by the AQSE and the impact of such events on the Company's ability to satisfy the completion conditions for the financing, the possibility the Strategic Investor will not exercise the Option or will not be able to complete its administrative arrangements before the expiry of the Option and other matters which are beyond the control of Yooma. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Yooma cannot be certain that actual results will be consistent with such forward-looking information. Yooma cautions you not to place undue reliance upon any such forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of Yooma.
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