Mr. Nicholas Brusatore reports
AFFINOR GROWERS TO RAISE $4 MILLION
Affinor Growers Ltd. has arranged, by way of a private placement of 25 million units at 16 cents per unit, a financing of $4-million. The company has reserved an overallotment option to increase the offering by up to 100 per cent.
Each unit consists of one common share and one common share purchase warrant giving the warrant holder the right to buy another common share for two years at 25 cents per common share. In the event that the company's common shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded at such time) of greater than 40 cents per share for a period of 20 consecutive trading days, the issuer may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release, and in such case, the warrants will expire on the 30th day after the date of such notice.
The proceeds of the offering will be used to finance Affinor's operations, corporate development and for general working capital purposes.
Nick Brusatore, chief executive officer, commented, "The opportunity to raise a significant amount of funds for Affinor came up and we are pleased to have a new strategic shareholder group involved who will also assist with bringing in additional investors to Affinor."
Affinor plans to close the financing shortly and may pay commission to certain finders.
About Affinor Growers Inc.
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol AFI. Affinor is focused on growing high-quality crops such as romaine lettuce, spinach, strawberries using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
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