Mr. Nicholas Brusatore reports
AFFINOR GROWERS CLOSES FIRST TRANCHE OF FINANCING FOR $3,999,666
Further to the news release dated March 5, 2018, Affinor Growers Ltd. has closed the first tranche for total proceeds of $3,999,666. The company plans to use its overallotment option to close the final tranche for up to an additional $4-million.
The private placement consisted of 24,997,916 units at 16 cents per unit. 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 and corporate development and for general working capital purposes.
About Affinor Growers
Affinor is focused on growing high-quality crops, such as romaine lettuce, spinach and 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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