SPOKANE, WA / ACCESSWIRE / August 14, 2018 / Gridiron BioNutrients, Inc. (OTC PINK: GMVP), a nutraceutical innovator specializing in Cannabidiol ("CBD") health and wellness products to the sports and fitness markets, announces the closing of a strategic private placement for total proceeds of over $1,000,000.
"We are pleased to close this strategic investment with Calvary Fund I LP. This is an important milestone for our Company that will accelerate our product roll-out into both domestic and international markets. With this additional funding, Gridiron is well positioned to execute the expansion of distribution channels with partners who are looking to provide innovative health and wellness products," commented, Tim Orr, President of Gridiron.
The Company also achieved multiple key milestones in 2018, including:
- Acquired a 33% stake in AGroSport, a leader in the hydration/training nutritional sports product market with products currently sold on Amazon.com and
- Developed and launched a line of daytime and nighttime gummies and capsules.
Net Proceeds from the financing were $1,006,000.00. The new capital was raised through a preferred equity, which is exercisable at a conversion price of $0.125. Full details of the financing transaction are available in the Company's 8-K filed with the Securities and Exchange Commission.
About Gridiron BioNutrients™
Gridiron is focused on the development and commercialization of high quality innovative CBD products within the health and wellness marketplace. Gridiron strives to formulate and design products that maximize the human body's potential enabling individuals to heal faster, train longer and recover quicker.
AgroSPort is a leader in the sports hydration market, providing athletes with safe, nutritional products while helping maximize their overall performance. The company is committed to supporting the intense, informed athlete with delicious, targeted sports nutrition products using cutting-edge, clinically studied ingredients during training and competition. AgroSport's products are formulated with natural ingredients.
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Facebook @gridironmvp & @Agrosport
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Twitter @gridironmvp & @Agro_Sport
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Gridiron BioNutrients Inc. (the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Gridiron BioNutrients Inc.