Investment

Else Announces Investment for Gross Proceeds of Up to US$13.75M

Published

1 month ago

December 19, 2022

Megan Johnson

VANCOUVER, British Columbia, Dec. 19, 2022 (GLOBE NEWSWIRE) — ELSE NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE: 0YL) (the “Company”) is pleased to announce that the Company has entered into a definitive convertible security funding agreement (the “Agreement”) with Lind Global Fund II LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “Lind”). Under the terms of the Agreement, the Company will on closing issue an initial convertible security (the “Initial
Convertible Security”) with a face value of US$5,100,000, which would provide US$4,133,125 in funds after deduction of the original issue discount and closing fees.

On closing, the Initial Convertible Security will have a 36-month maturity date, and will be convertible into common shares of the Company (the “Shares”) after completion of a 120 day lock-up period. Lind will be able to convert 1/20^th of the face value each month at a conversion price equal to 85% of the five-day volume weighted average price of the Shares immediately prior to each conversion, subject to a right to increase conversions in certain circumstances. The outstanding face value of the Initial Convertible Security, after 180 days, may be repaid in cash at the discretion of the Company, with a 5% premium (the “Buy-Back Right”). Should the Company exercise its Buy-Back Right, Lind would have the option to convert up to 33% of the face value of the Initial Convertible Security into Shares.

Following the Initial Convertible Security issuance, the Company would have the right to draw a further US$1,250,000 (which may be increased to US$3,000,000 upon mutual agreement) (the “Second Draw”), subject to the terms of the formal agreements, and thereafter an optional follow-on investment of up to US$6,500,000, (the “Third Draw”), upon mutual agreement, in exchange for the issuance of additional convertible notes.

The Initial Convertible Security, and each of the additional convertible notes, if applicable, will include detached warrants (the “Warrants”) to purchase common Shares. In connection with the Initial Convertible Security, the Company will issue 8,247,129 Warrants having an exercise price of C$1.15 per share and an expiry date 48 months from the date of issuance. The number of Warrants issued on the Second Draw and Third Draw will be calculated on 75% of the amount of the draw divided by the VWAP per share during the twenty (20) consecutive trading days immediately before the closing date of the Second Draw and the Third Draw. The exercise price of Warrants issued on the Second Draw and the Third Draw will be equal to the greater of: (i) the VWAP per share (in Canadian dollars) for the five (5) consecutive trading days immediately before the date of the Second Draw or Third Draw closing as applicable, and (ii) 130% of the VWAP per share (in Canadian dollars) for the twenty (20) consecutive trading days immediately before the date of the Second Draw or Third Draw closing as applicable.

The Agreement provides that the Initial Convertible Security, and the additional convertible notes, if applicable, will include volume restrictions on resale of the Shares issued on conversion of the Initial Convertible Security, and the additional convertible notes, if applicable, as well as restrictions on short sales.

The proceeds from the issuance of the Initial Convertible Security will be applied to clinical trials in connection with FDA and other application processes, as well as general working capital.

The Company has obtained approval of Toronto Stock Exchange (“TSX”) for the transactions described above. Shares issued pursuant to any conversions would be issued under TSX private placement rules and would not be freely tradable for four months and one day following closing and would be subject to restrictions under applicable Canadian and United States securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities offered have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons (as both such terms are defined in Regulation S promulgated under the U.S. Securities Act) absent registration or an applicable exemption from such registration requirements.

About The Lind Partners

The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 150 direct investments totaling over US$1.5 Billion in transaction value, Lind’s funds have been flexible and supportive capital partners to investee companies since 2011. For more information, please visit http://www.thelindpartners.com.

About Else Nutrition Holdings Inc.

Else Nutrition Holdings Inc. is a food and nutrition company in the international expansion stage focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at Milan’s Global Food Innovation Summit. The holding company, Else Nutrition Holdings Inc., is a publicly-traded company, listed on Toronto Stock Exchange under the trading symbol ‘BABY’ and is quoted on the US OTCQX board under the trading symbol ‘BABYF’ and the Frankfurt Exchange under the symbol ‘0YL’. Since launching its Plant-Based Complete Nutrition for Toddlers, made of whole foods, almonds, buckwheat, and tapioca, the brand has received thousands of powerful testimonials and reviews from parents and gained national retailer support from Sprouts Farmers Market, and achieved rapid sales growth. Else became the #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category. It recently won the “Best Dairy Alternative” award 2021 at World Plant-Based Expo and was a Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category.

For more information, visit www.elsenutrition.com or @elsenutrition on Facebook and Instagram.

For more information, contact:
Ms. Hamutal Yitzhak, CEO, Co-Founder & Director
ELSE Nutrition Holdings Inc.
E: hamutaly@elsenutrition.com

P: +972(0)3-6445095

Mr. Sokhie Puar, Lead Director of Else Nutrition
E: sokhiep@elsenutrition.com

P : 604-603-7787

Investor Relations Contact:

RBMG – RB Milestone Group LLC
Trevor Brucato, Managing Director
E: Baby@rbmilestone.com

www.rbmilestone.com

Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
E: shamsian@lythampartners.com

P: 646-829-9701

Caution Regarding Forward-Looking Statements

This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “will” or similar expressions. Forward-looking statements in this press release include but are not limited to, statements with respect to the funding under the Agreement and the issuance of convertible securities, including the Initial Convertible Security, and warrants under the Agreement. These forward-looking statements are made as of the date of this press release. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the ability of the Company and Lind to negotiate the terms of the definitive funding agreement, variations in market conditions; currency exchange rates; the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities; the Company’s ability to access further funding, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Investment

Lithium Americas stock rises on GM’s $650 million equity investment – MarketWatch

Published

11 hours ago

January 31, 2023

Megan Johnson

Lithium Americas Corp.
LAC,
+13.19%
stock was up 9.2% in premarket trading Tuesday after it said General Motors Co.
GM,
+8.14%
agreed to invest $650 million in the company to help develop Nevada’s Thacker Pass mine, the largest known lithium source in the U.S. Lithium Americas said the project would create 1,000 jobs in construction and 500 in operations. It would produce lithium for up to 1 million electric vehicles (EVs) a year. Lithium from Thacker Pass will be used in GM’s proprietary batteries for its EVs. “Direct sourcing critical EV raw materials and components from suppliers in North America and free-trade-agreement countries helps make our supply chain more secure, helps us manage cell costs, and creates jobs,” GM CEO Mary Barra said. Thacker Pass is scheduled to go into operation in the second half of 2026, the companies said.

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Investment funds that are moving to defensive positions, and some that are not – The Globe and Mail

Published

23 hours ago

January 30, 2023

Megan Johnson

What are we looking for?

ETFs and DIY mutual funds that made notable changes to their defensive-sector exposure over 2022.

The screen

The year is off to a great start for equity investors, with most equity indexes posting single-digit gains on a year-to-date basis, perhaps fuelled by investors’ reinvigorated confidence that the world’s central banks have inflation under control. That said, a new economic environment of higher interest rates might prompt some investors to have a look at their sector exposures, perhaps allocating more to defensive sectors for risk-reduction purposes, or to more cyclical sectors if they’re bullish on market prospects. To help identify potential candidates, I thought to analyze funds that have made noticeable moves over the course of last year. To start with, I screened the Morningstar Direct database for Canadian-domiciled equity ETFs and DIY mutual funds for those that have a reasonable track record, denoted by their Morningstar Rating for Funds or “star” rating of three stars or better, implying that the initial universe performed at least as well as category peers.

I then looked at the sector allocations of each fund as they appeared at the end of 2022 and 2021. Specifically, I used Morningstar’s “super-sector” definitions to determine which funds have the largest changes in exposure to defensive sectors. Recall that Morningstar’s classification structure for stocks divides global companies into three “super sectors”: (1) cyclicals, which include basic materials, consumer cyclical, financial services and real estate stocks; (2) defensive, which includes consumer defensive, health care and utilities stocks; and finally (3) sensitive, which includes communications services, energy, industrials and technology companies. I used the change in exposure to the defensive sector over the 2022 calendar year as the sole metric to rank the list of three-star-or-better funds.

What we found

20 funds moving into, and away from defensive sectors

Name	Ticker	Morningstar Category	Annual Report Management Expense Ratio (MER)	Morningstar Rating for Funds	Total Ret YTD (%)	Total Ret 1 Yr (%)	Total Ret Annlzd 3 Yr (%)	Total Ret Annlzd 5 Yr (%)	Defensive Supersector (12M % Change)	Equity Econ Super Sector Defensive % (Net) 2022-12	Equity Econ Super Sector Defensive % (Net) 2021-12	Sensitive Supersector (12M % Change)	Equity Econ Super Sector Sensitive % (Net) 2022-12	Equity Econ Super Sector Sensitive % (Net) 2021-12	Cyclical Supersector (12M % Change)	Equity Econ Super Sector Cyclical % (Net) 2022-12	Equity Econ Super Sector Cyclical % (Net) 2021-12
Funds Moving to Defensive Sectors:
Fidelity US Momentum ETF	FCMO-T	US Equity	0.32		0.3	-1.7			41.7	48.4	6.7	-30.1	31.7	61.8	-11.8	19.6	31.4
Invesco S&P 500 Momentum ETF CAD	MOM-NE	US Equity	0.53	2	-1.0	4.0	1.6	3.5	38.3	49.3	10.9	-11.1	36.9	48.0	-27.8	12.9	40.7
iShares MSCI USA Momentum Ftr ETF	XMTM-T	US Equity	0.32	3	-1.1	-0.9	4.9		29.9	46.2	16.3	-13.2	36.8	50.0	-16.5	16.8	33.3
Purpose Global Innovators ETF	PINV-T	North American Equity	1.23	1	4.0	-24.7	-3.8		28.8	43.3	14.5	-28.4	37.1	65.5	-5.5	4.6	10.1
CI Munro Global Growth Equity ETF	CMGG-T	Global Equity	1.06		3.5	-4.7			22.6	38.4	15.8	-18.4	34.7	53.1	-6.7	21.8	28.5
CI Global Climate Leaders ETF C$	CLML-T	Global Equity	0.93		1.4	-3.6			21.5	39.6	18.0	-8.3	43.8	52.1	-16.4	9.5	25.9
SmartBe U.S. Quantitative Momentum ETF	SBQM-NE	US Equity	0.99		1.3	12.2			18.6	30.1	11.6	18.5	58.3	39.8	-36.7	11.3	48.0
Fidelity International Low Vol ETF	FCIL-T	International Equity	0.48	3	2.4	-1.3	-0.7		16.7	50.4	33.7	-0.4	23.8	24.2	-16.7	24.8	41.4
CI WisdomTree Intl Qual DivGrETF	IQD-T	International Equity	0.58	5	6.6	0.7	5.6	6.2	16.6	42.1	25.5	-4.2	30.7	34.9	-11.9	27.0	39.0
SmartBe Canadian Quantitative Mmntm ETF	SBCM-NE	Canadian Equity	0.08		2.4	1.7			15.1	20.3	5.2	9.4	48.4	39.0	-24.4	30.9	55.2
Funds Moving away from Defensive Sectors:
Leith Wheeler Intl Equity Plus Series B		International Equity	1.59	2	6.3	-1.9	1.0	-0.8	-12.0	15.1	27.1	5.2	25.9	20.8	12.7	30.1	17.4
Invesco S&P 500 Hi Div Low Vol ETF CAD	UHD-NE	US Equity	0.39	2	1.6	10.2	5.4	6.1	-12.1	40.3	52.4	-3.6	22.3	25.8	16.3	36.9	20.6
Beutel Goodman North American Focus Eq D		Canadian Focused Equity	1.49	4	4.4	4.8	8.7	7.2	-12.3	18.4	30.7	11.5	34.9	23.4	0.1	44.2	44.1
Fidelity US Value ETF	FCUV-T	US Equity	0.36		6.0	12.2			-12.9	18.3	31.3	7.4	46.4	39.0	4.6	34.2	29.6
Fidelity US Value Currency Neutral ETF	FCVH-T	US Equity	0.39		7.5	5.1			-13.0	18.3	31.3	7.3	46.2	39.0	5.2	34.8	29.6
Horizons NASDAQ-100 Cov Cll ETF	QQCC-T	International Equity	0.85	1	6.7	-4.1	0.6	-1.1	-16.2	15.6	31.8	36.8	68.7	32.0	-19.2	15.2	34.5
TD Q Canadian Dividend ETF	TQCD-T	Canadian Dividend & Income Equity	0.39	1	7.4	9.3	5.5		-16.7	11.5	28.2	6.6	40.9	34.4	10.3	47.1	36.8
Invesco S&P GlbexCndHiDivLowVol ETF CAD	GHD-NE	Global Equity	0.67	2	4.3	6.3	1.5	3.2	-18.8	33.3	52.1	5.8	22.1	16.3	11.5	39.0	27.5
First Trust Morningstar Div Lrs ETF CADH	FDL-T	US Equity	0.66		3.2	8.3	11.3	7.8	-19.4	31.1	50.5	9.4	45.0	35.7	10.7	22.1	11.4
Guardian Fundamental All Country Eq ETF	GGAC-T	Global Equity	1.05		7.7	2.4			-25.2	2.1	27.4	-20.6	12.0	32.6	-23.2	13.9	37.1

Source: Morningstar Direct | Data as of January 27, 2023

The accompanying table includes 10 funds that have shifted their exposure toward defensive sectors the most, and the 10 funds that have shifted the furthest away from defensive sectors. The table also displays fees, trailing performance, ratings and inception dates. It is worthwhile noting that the three funds that have moved most into defensive sectors (XMTM-T, FCIL-T and IQD-T) are “smart beta” products, which are rules-based in nature and do not follow the discretion of a portfolio manager. Interestingly, the three funds are exposed to quite different factors. Also noted is the fact that several smart beta products that look for exposure to dividends (such as FCUD-T, XHU-T and VIDY-T), have shifted away from defensive sectors, while RBC’s actively managed mutual funds have increased their exposure to defensive sectors.

This article does not constitute financial advice. Investors are encouraged to conduct their own independent research before purchasing any of the investments listed here.

Ian Tam, CFA, is director of investment research for Morningstar Canada.

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CPP Investments Anchors New IndoSpace Fund with US$205 Million Investment – Yahoo Canada Finance

Published

1 day ago

January 30, 2023

Megan Johnson

MUMBAI, India, Jan. 30, 2023 /CNW/ – Canada Pension Plan Investment Board (CPP Investments) today announced an investment of US$205 million as an anchor investor in IndoSpace‘s new real estate fund. IndoSpace is a leading real estate company in India. The investment marks the first close for IndoSpace Logistics Parks IV (ILP IV), the company’s fourth development vehicle, targeting US$600 million of total equity commitments.

Image of sites (CNW Group/Canada Pension Plan Investment Board)

This is the latest venture between CPP Investments and IndoSpace. The first joint venture, IndoSpace Core, was established in 2017 and now owns the largest portfolio of stabilized modern logistics assets in India. CPP Investments has also invested in ILP III. Following the investment in ILP IV, the partnership will exceed US$1 billion in assets.

ILP IV will add an additional 25-30 million square feet to the IndoSpace portfolio, furthering IndoSpace’s leading position in the Indian market. ILP IV will focus on India’s largest logistics real estate markets: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. The establishment of ILP IV follows on from the first three development funds, which have a combined total of 56 million square feet of modern logistics real estate in India.

Hari Krishna V, Managing Director, Head of Real Estate India, CPP Investments, said, “Over the past few years, we have made numerous investments in India’s industrial space, where we see strong demand as the manufacturing sector continues to grow and the e-commerce sector matures. We are pleased to be working with our longstanding partner IndoSpace to further capitalize on opportunities in this space and believe this investment will deliver strong risk adjusted returns for CPP contributors and beneficiaries.”

Brian Oravec, Managing Partner and CEO, IndoSpace Capital Asia, said, “We are excited to extend our successful partnership with CPP Investments. CPP Investments’ commitment to ILP IV is a testament to IndoSpace’s leadership in the industrial and logistics real estate space in India. ILP IV will allow us to continue to expand our unique national network to better serve our customers. Industrial and logistics infrastructure is a key enabler of economic growth. To meet India’s aim of becoming a US$5 trillion economy by 2025, IndoSpace is excited to continue to be one of India’s key infrastructure creators.”

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments^TM) is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan. To build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. As per September 30, 2022, the Fund totalled C$529 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

About IndoSpace

IndoSpace (www.indospace.in) is the largest investor, developer, and operator of grade A industrial and logistics real estate in India. IndoSpace has the largest national network of 50 logistics parks with 56 million square feet delivered/under development across 10 cities. With India’s largest and most experienced industrial real estate team, IndoSpace continues to lead the development of key logistics infrastructure for India’s economic growth. For more information, visit www.indospace.in and follow us on LinkedIn, Twitter, and Facebook.