lifeist wellness inc nxttf lfst m has entered into a definitive agreement for a drawdown equity financing facility of up to 8 million with alumina partners ontario ltd an affiliate of new yorkbased private equity firm alumina partners llc the investment agreement provides lifeist with a financing facility over a period of 24 months during which time the company can draw down subject to certain conditions through private placement tranches of units of securities of the company for gross proceeds of up to 250000 each private placement tranche of units will comprise one common share of the company and one common share purchase warrant of the company the units will be issued at a discount of 15 to 25 from the closing market price as determined by the filing of a price reservation form with the tsxv and the exercise price of the warrants will be at a 25 premium above that closing market price further to entering into the investment agreement the company has closed its first tranche under the said agreement consisting of 25 million units issued at a price of 006 per unit for gross proceeds of 150000 each unit is comprised of one common share and one transferable share purchase warrant with each warrant exercisable to acquire one additional common share at a price of 010 for a period of three years accordingly the company has issued to alumina from treasury 25 million common shares and 25 million warrants the warrants are subject to an acceleration provision that allows the company to give notice of an earlier expiry date if the 10day volume weighted average price of the company’s common shares on the tsxv is equal or greater than 020 the securities are subject to a hold period expiring on march 16 2023 the proceeds of this first tranche will be used for general corporate purposes the company has amended and restated its 10 rolling stock option plan to comply with the requirements of the new tsxv policy governing securitybased compensation which became effective on november 24 2021 the amendments have been conditionally approved by the tsxv and are subject to shareholder ratification at the annual general meeting of shareholders get your daily dose of cannabis news on benzinga cannabis don’t miss out on any important developments in the industry lifeists cannmart becomes exclusive b2b distributor in canada for hamilton devices