TORONTO, May 16, 2023 (GLOBE NEWSWIRE) — Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) JEWEL announced today that it has completed its previously announced partnership agreement with DCP Capital (“DCP”), under which DCP will provide US$47.4 million (US$35 million) in capital in exchange for a 33% stake in the Chinese operations of the company. In connection with this investment, DCP also announced the previously announced subscription of approximately $101.6 million ($75 million) in preferred stock of the Company and warrants to purchase 2,527,121 common shares of the Company at an exercise price of 40% $.19 completed. This represents a 10% premium to the 20-day volume-weighted average common share price at the time the subscription agreement was executed on February 23, 2023.
This partnership with DCP is another significant step forward in the company’s growth plans in its fastest growing market. Earlier this month, the company announced the acquisition of its former distributor’s operations in China, giving it full control of the value chain and the ability to engage directly with Chinese consumers. DCP will support this new proprietary operating model, leveraging its extensive experience and knowledge of the Chinese market to drive growth.
“DCP has decades of experience building international brands in China,” said Mike Pilato, President and CEO of Jamieson Wellness. “We have already established the Jamieson brand on an impressive footing in this market and believe that with DCP’s partnership it is perfectly positioned for accelerated growth. DCP’s partnership will support our growing infrastructure and marketing plans for the China market overall Jamieson Wellness growth goals worldwide.
We couldn’t ask for a better partner to accompany us on this journey. We look forward to leveraging DCP’s expertise and look forward to working together to realize our opportunities…