Element Nutritional Sciences Announces Closing of $3.5 Million Funding

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BURLINGTON, Ontario — Element Nutritional Sciences Inc. (CSE: ELMT; OTCQB: ELNSF; FRANKFURT: 93X) (the “Company” or “Element”) is pleased to announce that it has closed its previously announced short form prospectus offering generating gross proceeds to the Company of $3.5 million from the issuance of 14,000,000 common shares of the Company (the “Shares”) at a price of $0.25 per Share (the “Offering”).

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Canaccord Genuity Corp. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. The Agent received a cash commission equal to 8.0% of the gross proceeds from the sale of Shares in connection with the Offering. The Agent has also received broker warrants (each, a “Broker Warrant”) equal to 8.0% of the number of Shares sold under the Offering. Each brokerage warrant entitles the agent to purchase one share at a price of $0.25 per share for a period of 24 months following the closing of the placement.

The Company intends to use the net proceeds of the Offering primarily for marketing expenses, research and development and general working capital. Further details regarding the Offer are contained in the Company’s simplified prospectus dated 28 April 2022.

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Element is an innovative, research-driven Canadian nutraceutical company specializing in the development of science-based products for the global consumer packaged goods market, with a portfolio focused specifically on men and women over 50. Element’s flagship product, Rejuvenate™, is a patented formulation clinically proven to help rebuild, restore and rejuvenate the natural loss of muscle mass due to aging or other medical conditions. Element also offers JAKTRX™, an elite brand of performance supplements. Element was founded in 2015 and is located in Burlington, Ontario.

To learn more about Element, visit elmtinc.com.

More information on Rejuvenate™ can be found at: www.rejuvenatemuscle.com

More information on JAKTRXand Prominocan be found at: www.jaktrx.com

The Canadian Securities Exchange has not reviewed, approved or disapproved of the contents of this press release.

Forward-looking statements

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that involves discussions of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using expressions such as “expects to”, or “does not expect”, “is expected”, “plans” or “does not anticipate”, “plans”, “budget”, “expected”, “expects”, “estimates”, ” believes” or “intends” or variations of these words and phrases or indicating that certain actions, events or results “could” or “might”, “would”, “could” or “would” be expected to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate to, among other things, the intended use of the net proceeds of the Offering. These forward-looking statements are based on reasonable assumptions and estimates made by the management of the Company at the time such statements were made. Actual future results may differ materially, as forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the results, performance or achievements future expressed or implied by these forward-looking statements. These factors include, among others: fluctuations in general macroeconomic conditions; expectations regarding the size of the US and Canadian health, nutraceutical and wellness markets and changing consumer habits; the viability of the Company’s products; the availability of distribution channels for the Company’s product offerings; the Company’s ability to successfully achieve its business objectives; expansion plans; the successful development of the products offered by the Company; the presence of laws and regulations that may impose restrictions or recalls on the sale of the Company’s products in the United States and Canada; customer and distributor relations; fluctuations in the securities markets; and the Company’s inability to obtain adequate insurance to cover risks and contingencies. Although the forward-looking statements contained in this press release are based on what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such statements. forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. The Company undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change, except as required by law.

No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220506005501/en/

contacts

Stuart Lowther
President, CEO and President
[email protected]
416-467-5229

Marc Charbin
Investor Relations
[email protected]
416-467-5229

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