Mr. Rob van Santen reports
VALENS GROWORKS ANNOUNCES UPSIZE TO FUNDING
Valens Groworks Corp. has increased its previously announced non-brokered private placement to $7-million through the issue of five million shares at a price of $1.40 per share.
Proceeds of the offering will be used for additional oil extraction capacity at existing facilities and for general corporate purposes. There are no commissions or warrants contemplated for this placement.
Closing of the offering is subject to regulatory approval, including that of the Canadian Securities Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
About Valens Groworks Corp.
Valens Groworks is Canadian publicly traded biotechnology company executing on its plants to premium products objectives through two wholly owned subsidiaries, located at the company's expanding 17,000-square-foot facility on two acres in Kelowna, in the heart of British Columbia's Okanagan Valley. Subsidiary Valens Agritech (VAL) is commencing cannabis production and sales under a Health Canada dealer's licence, and is also a late-stage licence applicant to cultivate medical marijuana under the ACMPR (Access to Cannabis for Medical Purposes Regulations) for individual patients. Subsidiary Supra THC Services is a Health Canada-licensed cannabis-testing lab providing sector-leading analytical and proprietary services to licensed producers, ACMPR patients and the natural health products industry.
Supra has partnered with Thermo Fisher Scientific to develop a centre of excellence in plant-based medicine analytics in Kelowna, and both subsidiaries are involved in a collaborative research partnership with British Columbia-based universities UBC Okanagan and Thompson Rivers to explore the vast range of bioproducts that can be made from cannabis plant materials.
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