GREENSPACE ANNOUNCES CEO TO BUY SOME OF COMPANY’S OUTSTANDING DEBT


TORONTO, September 29, 2022 /CNW/ – GreenSpace Brands Inc. (“Green area“or the”Company“) (TSXV: JTR), a leader in the organic and plant-based foods industry, announces that its President and Chief Executive Officer has entered into a purchase and sale agreement to acquire a portion of the outstanding debt of the Company.

GreenSpace Brands Logo (CNW Group/GreenSpace Brands Inc.)

Shawn Warren agreed to acquire approximately $0.2 million debtor of the Company. Under the terms of the purchase and sale agreement, Mr. Warren will receive the assignment of certain rights and interests in a loan agreement (including certain security granted thereunder) between the Company, as borrower, and Primary Capital Inc. (“Primary“), as administrative and surety agent for a syndicate of lenders. Mr. Warren will acquire $168,647.37 the outstanding principal amount, including advanced fees under the loan agreement, plus an additional amount $58,128.01 in accrued and unpaid interest.

Due to Mr. Warren’s position as President and Chief Executive Officer of the Company, the transaction is a “related party transaction” under Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of NI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of NI 61- 101, as the Company is listed on TSXV and neither the fair market value (as determined under NI 61-101) of the subject matter of the transaction, nor the fair market value of the consideration for the transaction, does not exceed 25% of the Company’s market capitalization (as determined under NI 61-101).

The completion of the transaction is subject to obtaining the approval of the TSX Venture Exchange.

ABOUT GREENSPACE BRANDS INC. :

GreenSpace is a North American organic and plant-based food company that develops, markets and sells premium food products to consumers in the fast-growing natural and organic food categories. GreenSpace owns LOVE CHILD ORGANICS, a producer of 100% organic foods for infants and toddlers made with natural, nutrient-dense ingredients, CENTRAL ROAST, a brand of clean snacks with a wide assortment of organic nuts and seeds and GO VEGGIE, one of the pioneers and leaders of the US plant-based dairy market. All brands are 100% owned and sold in a variety of online, natural and retail grocery stores.

For more information, visit www.greenspacebrands.ca and GreenSpace repositories are also available at www.SEDAR.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION:

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities laws. Forward-looking information is necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties, some of which are beyond GreenSpace’s control, including, but without limitation, the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new laws and regulations, changes or enforcement thereof; critical accounting estimates and changes to accounting standards, policies and methods used by the Company; the occurrence of catastrophic natural and unnatural events and claims resulting from such events; and other factors that may cause 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 materials. 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 on the opinions and estimates of management and on information available to management as of 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.

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