MONTREAL, May 4, 2022 /CNW Telbec/ - Lumiera Health
Inc. (TSXV: NHP) (the "Company" or
"Lumiera "), a company specializing in the development
and commercialization of natural health products, is pleased to
announce it has filed for a new NPN application with Health Canada,
as it prepares to extend its Awaye Pain Relief product line. The
new product, Awaye Sport with menthol, will cater to pain sufferers
looking for a cooling relief effect, which represents an additional
consumer segment for the Awaye brand. This also represents the
first innovation in Awaye's planned development pipeline.
"Awaye pain relief cream has been a tremendous success since its
launch in April of last year, we're confident that Awaye Sport with
menthol, with its cooling effect rather than the heating effect in
the original formula, will be able to capture some significant
market share in the category", says Carlos
Ponce, CEO of Lumiera. "Assuming all is well with our
filling, we look forward to launching Awaye Sport in Q4'22 online
and with a retail launch Q1'23.,
All natural health products sold in Canada must have a product license issued by
Health Canada before they can be commercialized. License applicants
must provide detailed information about the product, including
medicinal ingredients, potency, non-medicinal ingredients, and
recommended use. Once Health Canada determines the product is safe
and effective, it issues a Natural Product Number (NPN), which lets
the public know the product has been reviewed and approved.
Additional Debt to Support Growth
The Company is also pleased to announce it has entered into an
agreement with an important shareholder, Mr. Robert Brouillette through his holding company
Fiducie La Maison Bleue, for an unsecured convertible loan
(the "Loan") in the principal amount of $150,000. The proceeds from the Loan will be used
for G&A and to continue accelerating growth. The Loan has a
one-year term and bears interest at a rate of 12% per annum. This
Loan is a vote of confidence from a long-standing and important
shareholder who wants to help the Company to continue it's
accelerated growth plan. Mr. Brouillette currently owns or
controls, directly and indirectly, an aggregate of 29,177,058
common shares, representing 17.2% of the currently issued and
outstanding common shares of Lumiera.
The loan is convertible into an aggregate of 3,000,000 Units
(the "Units") at a price of $0.05 per
Unit. At any time during the term of the Loan, the lender may elect
to convert the principal amount and any accrued and unpaid interest
of the loan into Units. Each Unit will consist of one common share
in the capital of the Company (each, a "Common Share") and one
common share purchase warrant (each, a "Warrant"), with each
Warrant entitling the holder to acquire one additional Common
Share, at an exercise price of $0.05
per share, for a period of one year.
Pursuant to Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI 61-101"),
the loan constitutes a "related party transaction" as a 10%
shareholder of the Company is the lender and may convert the loan
into the Units. The Company is relying on exemptions from the
formal valuation and minority approval requirements of MI 61-101
contained in sections 5.5(a) and 5.7(1)(a) of MI 61–101 as neither
the fair market value (as determined under MI 61-101) of the
subject matter of, nor the fair market value of the consideration
for, the Loan by the related party exceeds 25% of the Company's
market capitalization (as determined under MI 61-101). The Loan was
approved by all of the independent directors of the Company.
The new Loan is subject to certain standard closing conditions
including, but not limited to, the receipt of all necessary
approvals including the acceptance of the TSX Venture Exchange.
About Lumiera Health
Lumiera specializes in the
development and commercialization of consumer products for the
natural health industry. The Company sells herbal tonics and
natural supplements through its Holizen Laboratories division, with
a diverse portfolio including a line of innovative sleep aids. The
Company is also commercializing a unique topical product line
acting on the endocannabinoid system, without the use of cannabis,
that provides an innovative solution for chronic pain and
inflammation. A pioneer in the natural health innovation space, the
Lumiera brand is rooted in the core values of science, nature and
compassion. Our goal is to make people's lives better by
developing natural health and wellness products that are effective,
safe and trustworthy.
For more information visit: www.lumiera.ca.
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.
Forward-looking information
Certain statements contained in this press release constitute
"forward-looking information" as such term is defined in applicable
Canadian securities legislation. The words "may", "would", "could",
"should", "potential", "will", "seek", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions indicate such "forward-looking
information" as they relate to Lumiera. All statements other
than statements of historical fact may be forward-looking
information. Such statements reflect Lumiera' current views and
intentions with respect to future events, and current information
available to Lumiera, and are subject to certain risks,
uncertainties and assumptions. Such risks and uncertainties
include, among others, the risk factors included in Lumiera' annual
management's discussion and analysis for the year
ended November 30, 2021,
which is available under the issuer's SEDAR profile
at www.sedar.com. Material factors or assumptions
were applied in providing forward-looking information. Many factors
could cause the actual results, performance or achievements that
may be expressed or implied by such forward-looking information to
vary from those described herein should one or more of these risks
or uncertainties materialize. Should any factor affect Lumiera in
an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, Lumiera does not
assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and Lumiera undertakes no obligation to publicly update or
revise any forward-looking information, other than as required by
applicable law.
Related Links: www.lumiera.ca
SOURCE Lumiera Health Inc.