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Naturally Splendid raises $1.4 mln via private placement

Published: 09:04 29 Apr 2014 EDT

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Hemp-based superfood company Naturally Splendid Enterprises (CVE:NSP) has raised close to $1.4 million, completing the private placement financing it announced earlier this month. 

The company said the funds would be used for equipment and facilities as it builds its own new packaging facility for its Natera hemp-based superfood line in house, to save on costs and increase efficiency. The funds would also go towards inventory financing, U.S. and Canadian regulatory filings as well as general corporate needs, Naturally Splendid said.

Shares of Naturally Splendid recently reached a new 52-week high after the company expanded its distribution network for its Natera line to over 10,000 potential retail locations, up from 350 stores in Western Canada at the beginning of this year. The product line was rebranded and relaunched last year with new flavours, sizes and more customer-focused packaging. 

The financing just completed consisted of a total of 6.84 million units at 20 cents apiece, with each unit made up of one common share and one half of a share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at 30 cents for a period of two years. 

Naturally Splendid was also in the news earlier this month after it appointed Donald W. Wood to its corporate advisory board to assist with the distribution and marketing strategies for its hemp-based superfood line. Wood is the second appointee to the advisory board, following Howard Louie's appointment last month. Wood, who has more than 20 years of experience in the food and beverage industry, was most recently the president and CEO of Arrowhead Water Products. 

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