One has to wonder what "trade payable" this could be? From our math this works out to a $7,500/m or $90,000 annual fee plus GST. Could this be related to the former Salvation CEO/CFO?
Lifted from the April 29, 2020 Filing Statement: On January 15, 2020, Salvation was served a Notice of Claim from Robert D. McIntyre and Elysium Projects Inc., a company controlled by Robert D. McIntyre (collectively the “Claimants”). The Notice of Claim alleges the Claimant was wrongfully terminated and the Claimants are seeking damages accordingly. Salvation has filed a Notice of Response refuting the claim and believes the case as presented by the Claimants, is without merit.
VANCOUVER, BC, July 6, 2020 /CNW/ - Numinus Wellness Inc. ("Numinus") (TSXV: NUMI), an integrated health care company creating an ecosystem of wellness solutions through access, research, training, and innovative therapies centred on psychedelic therapies, has entered into a binding agreement with a creditor of its subsidiary Salvation Botanicals Ltd. in respect of the settlement $94,500 of historical trade payables (the "Debt Settlement"). The Debt Settlement will consist of the issuance of 300,000 units at a deemed price of $0.315 per unit (the "Units"). Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant (each whole such warrant a "Warrant"). Each Warrant shall be exercisable for a period of two years from issuance at a price of $0.50 per Warrant, subject to 30 day accelerated expiry if the volume weighted average closing price of the Company's common shares on the TSX Venture Exchange ("TSXV") is greater than $0.75 per common share for a period of ten consecutive trading days, following notice by the Company via a press release of such acceleration. Settlement of the Debt remains subject to TSXV approval. Pursuant to the policies of the TSXV and applicable Canadian securities laws, the Units will carry a four month hold period from their date of issue.
Numinus is a Vancouver-based health care company helping to support the universal desire to heal and be well. Through its wholly-owned subsidiary Salvation Botanicals, Numinus has a Health Canada cannabis testing licence that allows the Company to test and analyze cannabis products from licensed producers. In addition, it is a late-stage applicant to receive a Health Canada standard processing licence to produce cannabis products. Numinus, through the same subsidiary, also has a dealer's licence which allows the Company to test, possess, buy and sell MDMA, psilocybin, psilocin, DMT and mescaline, as well as produce and extract psilocybin from mushrooms. The Health Canada license also allows import/export, testing and R&D of these substances. The expanded licence will allow Numinus to support the growing number of studies on the potential benefits of psychedelic therapies through research projects, product development, and the supply and distribution of these substances. Numinus Wellness is dedicated to therapies that enhance and supplement existing options for people wanting lasting physical, mental and emotional health — with psychedelic treatments at its core when approved for therapeutic and research use. Psychedelics will be part of this offering but will only be available for treatment once approved by regulators and governing bodies — a process Numinus is helping to support. For more information, visit www.numinus.ca.
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the Debt settlement. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).
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.
ON BEHALF OF THE BOARD OF NUMINUS WELLNESS INC.
President, Chief Executive Officer and Chair
SOURCE Numinus Wellness Inc.
For further information: Dana Harvey, VP, Communications and Investor Relations, 1.778.929.3262; Investor Inquiries: firstname.lastname@example.org; General Inquiries: email@example.com, 1-833-NUM-INUS (1-833-686-4687)