VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a growth oriented and diversified international cannabis company, is pleased to announce the Company has closed a non-brokered private placement of 266,666,667 units (each a “Unit”) of the Company at a price of $0.075 per Unit for gross proceeds of $20,000,000.
Each Unit shall consist of one (1) common share (each a “Share”) and one (1) transferable Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Share of the Company for a period of five year from closing at a price of $0.10 per Share.
Furthermore, the Company will proceed with the issuance of an additional 2,692,905 Shares at a deemed value of $0.075 per Share to certain creditors for past consulting and other services provided to the Company for settlement of $201,967.87 in debt.
The Company announces that Brandon Boddy has been appointed as Corporate Secretary of the Company, effective April 24, 2020. To facilitate this change, Jan Urata has stepped down as Corporate Secretary. The Company wishes to thank Ms. Urata for her contribution to the Company.
Additionally, the Company has granted incentive stock options to purchase a total of 95 million Shares with an exercise price of $0.075 per Share for a period of five years from issuance to certain directors, officers and consultants, in accordance with the provisions of its stock option plan.
All securities issued will be subject to a statutory four month hold period, in accordance with applicable securities laws. A finder’s fee is applicable on this transaction.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a leading cannabis company building shareholder value through the development of revenue generating operating assets in the global cannabis industry. AgraFlora is focused primarily on the Canadian cannabis industry; the world’s most advanced and regulated legal cannabis market. Flagship Canadian assets include: Edibles & Infusions, a fully automated manufacturing facility in Winnipeg, MB for white-label and consumer branded edible production; Propagation Services Canada, a large-scale commercial greenhouse in Delta, BC focused on reshaping the Canadian flower market with high-potency, low cost cannabis flower, and AAA Heidelberg, a craft focused cannabis producer in London, ON. In addition, AgraFlora’s wholly owned subsidiary Farmako GmbH is scaling towards its goal of being Europe’s leading distributor of medical cannabis. Farmako currently has active distribution operations in Germany and expects to commence active operations in the United Kingdom in 2020. For more information please visit: https://agraflora.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Brandon Boddy
Chairman, CEO & Corporate Secretary
T: (604) 398-3147
| For additional information: | |
| AgraFlora Organics International Inc. Tim McNulty E: ir@agraflora.com T: (800) 783-6056 | For French inquiries: Remy Scalabrini, Maricom Inc. E: rs@maricom.ca T: (888) 585-MARI |
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.