Here is PR re the PP after Market closed today THE FLOWR CORPORATION COMPLETES PRIVATE PLACEMENT FOR APPROXIMATELY C$13.5 MILLION
The Flowr Corp., further to its news release dated April 29, 2019, has completed a non-brokered private placement of 2,165,547 common shares at a price of C$6.25 per common share for aggregate gross proceeds of approximately C$13.5 million (the "Private Placement").
All securities issued under the Private Placement are subject to the customary four-month hold period and may not be traded before September 11, 2019. In addition, common shares issued to subscribers in the United States will be subject to a hold period under the U.S. Securities Act of 1933, as amended (the "1933 Act") and can only be resold in strict compliance with the applicable exemptions from the registration requirements of the 1933 Act. Flowr insiders subscribed for a total of approximately C$3.6 million or 578,618 common shares.
The net proceeds from the Private Placement will be used for general working capital purposes and administration expenditures, including for the funding of construction of certain operations of Holigen Holdings Limited.
The Private Placement remains subject to the final acceptance of the TSX Venture Exchange. Flowr intends to file a material change report with respect to the private placement within 10 days of the closing.
The common shares have not been and will not be registered under 1933 Act, or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
In addition, Flowr also announced today that the Board has approved the granting of an aggregate of 60,000 incentive stock options (the "Options") to certain directors of the Company. The Options are exercisable at a price of C$5.70 per share for a period of five years. The Options will vest as to thirty-three and one-third percent (33?%) on each anniversary of the date of the appointment to the Board of the applicable director.
Release of First Quarter 2019 Results
Flowr also announced today that it will release its first quarter 2019 results before the opening of the financial markets on Friday, May 17, 2019. The Company will also host a conference call and webcast to review these results at 8:30 a.m. Eastern Time. A question-and-answer session will follow. Toll Free: 1-877-705-6003
Toll/International: 1-201-493-6725
Webcast: flowr.ca/investors
A telephonic replay of the call will be available later that same day beginning at 11:30 a.m. Eastern Time through midnight on Friday, May 31, 2019. To listen to the archived call, dial Toll Free 1-844-512-2921 or Toll/International 1-412-317-6671 and enter replay pin number 13690749, or access the webcast replay via Flowr's website.
About The Flowr Corporation
Flowr, through its subsidiaries, holds a cannabis production and sales license granted by Health Canada. With a head office in Toronto and a production facility in Kelowna, BC, Flowr builds and operates large-scale, GMP-designed cultivation facilities utilizing its own growing systems. Flowr's investment in research and development along with its sense of craftsmanship and a spirit of innovation is expected to enable it to provide premium-quality cannabis that appeals to the adult-use recreational market and addresses specific patient needs in the medicinal market.