- Britannia will undertake a non-brokered private placement of units consisting of subordinated dentures and common shares for aggregate gross proceeds of up to CAD$1,000,000
Toronto, Ontario and London, United Kingdom--(Newsfile Corp. - June 7, 2024) - Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) ("Britannia" or the "Company"), today announced that it is undertaking a private placement of unsecured debenture units.
This non-brokered private placement of subordinated debenture units (the "Units") at a price CAD$1,000 per Unit for aggregate gross proceeds of up to CAD$1,000,000 (the "Offering"). Each Unit will consist of (i) a CAD$1,000 principal amount unsecured, subordinated debenture (the "Debenture"), and (ii) 16,666 common share purchase warrants of Britannia (each, a "Common Share Purchase Warrant") at a purchase price of $0.06. The Debentures will pay interest at a rate of 10% per annum, paid annually in arrears, and will have a maturity date of 12 months from the date of issue, subject to extension at the Company's option for an additional 12 months (the "Maturity Date").
Britannia intends to use the net proceeds of the Offering for working capital and general corporate purposes.
Britannia may engage one or more agents or finders in connection with the Offering and may pay such parties fees as may be agreed between Britannia and such parties. Britannia anticipates that current insiders of the Company may participate in the Offering.
The Offering is expected to close on or about June 21, 2024, or such other date as the Company may determine, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange (CSE). The Offering may be closed in one or more tranches as subscriptions are received.
About Britannia Life Sciences Inc.
Britannia Life Sciences Inc. is focused on introducing cutting-edge technologies into the traditional laboratory and regulatory platforms to power data-driven insights to improve the outcomes of its customers. Britannia provides services to the consumer products sector included an integrated suite of services to assist companies along their product development journey. Britannia's services, including product formulations, safety assessments, analytical and microbiological testing, global compliance, and consumer evaluations are offered to companies ranging from multinationals to startups particularly in the cosmetics, food, and wellness industries. Britannia also provides geochemical testing and analysis to the natural resources industry through its subsidiary Britannia Mining Solutions. Britannia Mining Solutions operates a geochemical laboratory in the United States and is in the process of rolling out 12 PhotonAssay machines globally, with two PhotonAssayTM units installed and commissioned to-date.. Britannia's head office is located at 120 Adelaide Street West, Suite 2400, Toronto, Ontario, M5H 1T1.
For inquiries or more information on Britannia's growing suite of product development, analytical testing, regulatory and compliance solutions across a range of industries, please visit or contact:
Peter Shippen, CEO
Tel: +1 416 930 7711 or +44 738 744 7441
Email: peter@britannia.life