VANCOUVER, British Columbia, April 10, 2018 (GLOBE NEWSWIRE) — Affinor Growers Inc. (“Affinor Growers”) (CSE:AFI) (OTC:RSSFF) (Frankfurt:1AF) announces that it has determined to not exercise its overallotment option previously announced on March 8, 2018. The private placement of units of Affinor Growers announced on March 5, 2018 has officially closed.
Affinor Growers is pleased to announce that it has arranged by a way of a private placement of 9,090,910 units (the “Units”) of the Company at $0.11 per Unit for gross proceeds of up to approximately $1,000,000 (the “Offering”).
Each Unit consists of one common share of the Company (each a “Share”) and one Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at $0.20 per Share for a period of 24 months following the date of issuance. In the event that the Shares trade at a price on the Canadian Securities Exchange (or such other stock exchange on which the Shares may be traded at such time) of greater than $0.40 per Share for a period of 20 consecutive days, Affinor Growers 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 days after the date of such notice.
The proceeds of the Offering will be used to fund Affinor Growers’ operations, corporate development and for general working capital purposes.
Affinor Growers plans to close the Offering shortly and may pay commission to certain eligible finders.
The Company also granted 2,000,000 options at $0.115 to its officer and director expiring on April 5, 2021.
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.
The Canadian Securities Exchange does not accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Affinor Growers’ control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
For More Information, please contact:
Nicholas Brusatore, CEO