Large-Scale Delta Greenhouse Fully Funded as AgraFlora Organics Closes $20 Million Third and Fourth Tranches of $40 Million Equity Participation and Earn-In Agreement


Ryan Allway

March 25th, 2019

News


VANCOUVER, March 25, 2019 /CNW/ – AgraFlora Organics International Inc. (“AgraFlora” or the “Company“) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company is pleased to announces that, further to its news releases dated September 25, 2018, October 11, 2018, November 19, 2018, December 10, 2018 and February 28, 2019, it has closed a $20 million third and fourth tranches of the $40 million Equity Participation and Earn-In Agreement with Delta Organic Cannabis Corp. (“DOCC“) and issued the third tranche of 44,582,040 common shares (the “Shares“) of the Company at a deemed price of approximately $0.45 per Share.

“The close of the $40 million financing represents another significant milestone met for the company as our 2.2 million square foot greenhouse is officially fully funded,” said Derek Ivany, President and CEO of AgraFlora Organics International Inc. “Our strategy of partnering with leading organizations has led to AgraFlora owning an 50% economic interest in the second largest cannabis greenhouse in Canada. While we remain focused on the three-phase conversion project of the Delta Greenhouse Complex, we will continue to pursue additional opportunities within the domestic and international cannabis markets.”

The Shares are being issued pursuant to the Equity Participation and Earn-In Agreement dated September 25, 2018 as amended on October 11, 2018, November 19, 2018 and March 22, 2019, with Delta Organic Cannabis Corp., a privately held Toronto-based cannabis investment company backed by preeminent leaders in Canadian cannabis enterprise.

With the funding of $40 million, DOCC has earned a 20% economic interest in Propagation Services Canada Inc., AgraFlora retains a 50% economic interest and the Houwelings Group and partners own the remaining 30%.

The Company also announces, further to its news release dated September 14, 2018, it is proceeding with the issuance of 10,000,000 Shares at a deemed price of $0.71 per Share to key personnel, including related parties, who are assisting with Propagation Services Canada and the 2.2 million square foot greenhouse project located in Delta, British Columbia (the “Delta Facility”) which was announced on June 29, 2018.

The Company further announces that, pursuant to a letter of intent dated May 22, 2018, it will be issuing an aggregate of 5,000,000 Shares to Cornelius Houwelings (the “Consultant“) as set out below:

Date of Issuance

No. of Shares

March 25, 2019

1,250,000

June 25, 2019

1,250,000

September 25, 2019

1,250,000

December 25, 2019

1,250,000

Total:

5,000,000

The Company has agreed to issue the Consultant an additional 5,000,000 Shares upon the achievement of the Delta Facility becoming 100% operational in cannabis.

The Company also announces that it is proceeding with the issuance of 281,690 Shares at a deemed price of $0.71 per Share to Vendure Genetics Labs Inc. (the “Supplier“) pursuant to a supply agreement dated December 26, 2018, whereby the Company agreed to purchase certain plants, plant matter and related plant-based products from the Supplier for total consideration of $200,000, payable in Shares.

The Shares are subject to a statutory four-month hold period.

About Delta Organic Cannabis Corp.

DOCC is Canadian focused vertically integrated cannabis company formed by some of the most successful early-movers in the space.

About Propagation Services Canada Inc.

Propagation Services Canada is a joint venture company focused on the cannabis flower and propagation market in Canada. Its Delta Greenhouse Complex covers approximately 2.2 million square feet and is one of the most technologically advanced greenhouses in North America, with an experience staff, full propagation services, advanced HVAC, lighting and water systems and its own 8.8 MW powerplant.

About AgraFlora Organics International Inc.

AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. 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., Tim McNulty, E: ir@agraflora.com, T: (800) 783-6056; For French inquiries: Remy Scalabrini, Maricom Inc., E: rs@maricom.ca, T: (888) 585-MARI

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading