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VANCOUVER, Nov. 14, 2018 /CNW/ - AgraFlora Organics International Inc. (formerly PUF Ventures Inc.) ("AgraFlora Organics" or the "Company") (CSE:AGRA) (Frankfurt: PU3) (OTCPK:PUFXF), announces that, further to its news release of November 7, 2018, it has completed the name change from "PUF Ventures Inc." to "AgraFlora Organics International Inc." to better reflect the direction of the Company's business.
The Company has been advised by the CSE that the common shares will commence trading under the new name effective at the opening of trading on November 16, 2018.
The Company is also pleased to announce that, following the name change, the Company will have completed a subdivision (the "Stock Split") of its issued and outstanding common shares on the basis of five (5) new common shares for every one (1) common share held by the shareholders of record (the "Registered Holders") as at November 19, 2018(the "Record Date"). Consequently, Registered Holders as of the Record Date will receive five additional common shares for each common share held. In accordance with the Company's Articles, shareholder approval was not required for the Stock Split.
The Company's common shares are expected to commence trading on a split-adjusted basis on November 16, 2018.
"As we initiate cultivation at our AAA Heidelberg facility in London, ON and work toward the launch of our large-scale 2.2 million square foot greenhouse in Delta, BC, we felt it was necessary to change to a name more fitting to our goal of becoming a global leader in the cannabis sector," said Derek Ivany, President & CEO, AgraFlora Organics International Inc. "In addition to the name change to AgraFlora, the forward split is also a positive event for the Company as it provides for much greater liquidity for shareholders and allows for more transparent and consistent market."
Registered Holders do not need to take any action. The Company's transfer agent will send to all Registered Holders a notice under the direct registration system indicating the number of additional common shares that they received as a result of the Stock Split. These additional common shares will be held in book-entry form and registered electronically in the transfer agent's recordkeeping system, unless a physical share certificate is requested by the Registered Holder. Currently outstanding share certificates representing common shares of the Company will continue to be effective. They should be retained by Registered Holders and should not be forwarded to the Company or its transfer agent. Non-registered shareholders will have their brokerage accounts automatically updated to reflect the Stock Split.
After giving effect to the Stock Split, the Company will have approximately 340,671,315 common shares outstanding. The Company's authorized share capital will remain unchanged.
Outstanding stock options and share purchase warrants will also be adjusted by the Stock Split ratio and the respective exercise prices of outstanding stock options and share purchase warrants will be adjusted accordingly.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies including AAA Heidelberg and Propagation Services Canada in Canada, a large-scale greenhouse project in Australia and is actively pursuing other opportunities within the cannabis industry. AgraFlora Organics has an option to purchase 100% of AAA Heidelberg Inc., a licensed producer under the Access to Cannabis for Medical Purposes Regulations. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Derek Ivany
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE AgraFlora Organics International Inc.
For further information: AgraFlora Organics International Inc., E: [email protected], T: (800) 783-6056
