It will consist of 20mln units at C$0.05 each for total gross proceeds of C$1mln.
Each unit will consist of one share and one transferable share purchase warrant, which is exercisable into one further share at a price of C$0.075 per share for three years from closing.
The proceeds of the placing will be used for the company's general working capital.
LeanLife delivers high concentration levels of omega-3 as a nutritional additive. Its products are for use in commercial food processing.
Last month, it updated on its manufacturing capability, revealing that the main equipment had been purchased and delivered to the new facility in Canada.
It is still awaiting the approval of permits to operate, but once in place will begin production immediately.
The group's products are extracted from flaxseeds, a plentiful and non-animal source of omega-3.
Such products will include ingredients for making and/or fortifying commercial foods such as bread, noodles, juices, yogurt and cheese.
Shares are at C$0.055 at the time of writing.