Mr. Nick Brusatore reports
Affinor Growers Inc. has entered into an assignment and assumption
agreement dated Aug. 23, 2023, with Nicholas Brusatore
and 1000538496 Ontario Inc. As set out in the company's news
release dated Jan. 22, 2021, the company agreed to lease approximately 27,000 aggregate
square feet of rentable area, consisting of a 15,000-square-foot greenhouse operation and a 12,000-square-foot composting building located in Abbotsford, B.C., from
Mr. Brusatore pursuant to a lease agreement dated Jan. 21, 2021. Mr. Brusatore sold the premises to the purchaser in June, 2023. Pursuant to the
assignment agreement, the rights and obligations granted to Mr. Brusatore pursuant to the original
lease agreement have been assigned to and assumed by the purchaser. The terms of the original
lease agreement remain unchanged.
The entering into of the assignment agreement constitutes a related party transaction within the
meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special
Transactions (MI 61-101) as Mr. Brusatore is a director and officer of the company, and the principal
of the purchaser, Ben Hogervorst, is a director and officer of the company. The transaction is
exempt from the formal valuation and minority shareholder approval requirements under MI 61-
101 pursuant to sections 5.5(d)(ii) and 5.7(1)(c) as the transaction is with respect to a lease of real
property under an agreement on reasonable commercial terms that, considered as a whole, are not
less advantageous to the company than if the lease was with a person dealing at arm's length with
the company and the existence of which has been generally disclosed.
About Affinor
Growers Inc.
Affinor is a publicly traded company listed on the Canadian Securities Exchange under the symbol AFI and on the OTCQB
under the symbol RSSFF. Affinor is focused on developing vertical farming technologies, and
using those technologies to grow fruits and vegetables in a sustainable manner.
We seek Safe Harbor.
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