11:11 AM EDT, 05/13/2024 (MT Newswires) -- Else Nutrition Holdings ( BABYF ) closed a second tranche of a private placement under the convertible security funding agreement with Lind Global Fund II, LP, raising a net US$1 million.

Proceeds will be applied to clinical trials in connection with FDA and other application processes, and general working capital.

Else issued a convertible security with a two year term and a face value of US$1.2 million and 4.16 million common share purchase warrants exercisable into common shares for 48 months at $0.32 each.

The company's shares were last seen unchanged at C$0.30 on the Toronto Stock Exchange.