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Organic Flower Investments Group Inc (2) (C-SOW) - News Release

 

Organic Flower arranges $3.5-million placement

2020-08-10 20:30 ET - News Release
Shares issued 56,481,600
SOW Close 2020-08-10 C$ 0.19

Mr. Joel Dumaresq reports

ORGANIC FLOWER CLOSES NON-BROKERED PRIVATE PLACEMENT

Organic Flower Investments Group Inc. has completed a non-brokered private placement of 50 million units of the company at a price of seven cents per unit for gross proceeds of $3.5-million. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share at a price of 50 cents per share for a period of five years from the date of issuance. In the event that the shares have a closing price on the Canadian Securities Exchange (or such other exchange on which the shares may be traded at such time) of $1.50 or greater per share for a period of 10 consecutive trading days at any time from the closing of the private placement, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of the warrants), and, in such case, the warrants will expire on the 30th day after the date of such notice.

In connection with the private placement, the company paid finders' fees through the issuance of an aggregate 3.38 million shares to arm's-length parties. All securities issued in connection with the private placement will be subject to a four-month hold period under securities laws. The company intends to use the net proceeds from the private placement to further pursue investment opportunities in accordance with the company's investment policy and for general working capital purposes.

About Organic Flower Investments Group Inc.

Organic Flower is an investment company that specializes in investing into private and public companies engaged in a variety of industries, with a focus in the bio-medical, pharmaceutical and naturopathic sectors, which may include medical or recreational cannabis. The company's investment activities will be primarily focused on enterprises in the legal cannabis space located in Canada. In particular, the investment mandate is focused on high-return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in its investments.

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