VANCOUVER, British Columbia, Nov. 01, 2019 (GLOBE NEWSWIRE) -- Affinor Growers Inc. (the “Company” or “Affinor Growers”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) is pleased to announce that it has closed its previously announced non-brokered financing of unsecured convertible debentures (the “Debentures”) in the principal amount of $500,000 (the “Offering” or “Principal Amount”).
The Debentures will mature on November 1, 2020 (the “Maturity Date”) that is twelve months from the date of issuance (the “Issue Date”) and bear interest at a rate of 15% per annum, accrued and paid annually, with such interest rate being calculated on the basis of 30 days per month and 360 days per year.
Repayment of the Principal Amount, together with the interest accrued but unpaid, will be made on or prior to 5:00 p.m. (Vancouver time), on the Maturity Date.
The Principal Amount and any accrued and unpaid interest on the Debentures may be convertible at the election of the holder into common shares in the capital of the Company (the “Shares”), in whole or in part, at any time following the Issue Date but on or before the Maturity Date at a conversion price of the greater of $0.05 per Share or the 20 day volume weighted average trading price of the Shares, or such other minimum as required by the policies of the Canadian Securities Exchange (the “Conversion Price”).
Further, the Company may elect to force settlement of the Principal Amount together with any interest accrued but unpaid on the Debentures if the Company completes an equity financing of common shares or units on not less than 5 days’ notice. The Company may also from time to time prepay all or part of the Principal Amount plus accrued and unpaid interest without penalty or bonus.
All securities issued in accordance with this Offering will be subject to a statutory hold period expiring on March 2, 2020.
The net proceeds of the Offering will be used by the Company for general working capital purposes.
About Affinor Growers Inc.
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.
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.
“Randy Minhas”
Randy Minhas
President and CEO
For More Information, please contact: Randy Minhas, CEO contact@affinorgrowers.com
