Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K70) ("Silo Wellness" or the "Company"), a leading global psychedelics company, is pleased to announce that it has entered into a subscription agreement (the "Subscription Agreement") with respect to a strategic investment (the "Transaction") with Orthogonal Thinker, Inc. ("Orthogonal Thinker") an arm's length third-party investor, pursuant to which the Company will issue 12,555,180 units of the Company (the "Units") for aggregate gross proceeds to the Company of US$495,000. Each Unit will consist of one common share of the Company ("Common Share") and one Common Share purchase warrant (each, a "Warrant") exercisable for one Common Share at a price per Common Share of C$0.05 for a period of two years after the date of issue. Within 180 days of closing of the Transaction ("Closing"), Orthogonal Thinker will purchase additional Units (or convertible debt) for aggregate gross proceeds of US$505,000 based on the prevailing market price of the Common Shares.
At Closing, it is anticipated that David Nikzad and Jason Hobson of Orthogonal Thinker will join the board of directors of the Company (the "Board"). Additionally, Mr. Nikzad will be appointed Co-Chief Executive Officer and Mr. Hobson will be appointed Chief Operating Officer of the Company.
Douglas K. Gordon, Chief Executive Officer of Silo Wellness, said, "We are very excited to ally Silo Wellness with Orthogonal Thinker. David Nikzad and his team at Orthogonal Thinker have done amazing things and we welcome their strategic advice and industry-leading vision."
David Nikzad, cofounder and Chief Executive Officer of Orthogonal Thinker, said, "We chose to invest in Silo Wellness because of its firm commitment to helping people in need with psychedelics through retreats in Jamaica and the Bob Marley brand partnership. We look forward to advising Silo Wellness on how to best grow Marley One and psychedelic retreats."
