VANCOUVER, British Columbia, Aug. 21, 2020 (GLOBE NEWSWIRE) -- Affinor Growers Ltd. (“Affinor Growers”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) is pleased to announce that it has closed its $0.03 per unit financing announced on August 10, 2020 for gross proceeds of $382,337.
The Units consist of one common share and one common share purchase warrant giving the warrant holder the right to buy another common share for two years at $0.06 per common share. In the event that the Company’s common shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded at such time) of greater than $0.20 per share for a period of 20 consecutive trading days, the issuer may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release, and in such case, the warrants will expire on the 30th day after the date of such notice.
The proceeds of the offering will be used to fund expansion of the Company’s patents, development of its intellectual property, marketing and general working capital.
The Company did not pay any finders fees for this financing.
Agreement with Stockhouse Publishing Ltd. (“SPL”)
The Company also announces the launch of a new shareholder communications and marketing initiative designed to improve visibility into the Company's operations. The Company has retained Vancouver based SPL to assist in the execution of this initiative. Stockhouse is a financial portal with one of the largest communities of active investors in North America. It provides financial news, tools and information that enable its investor community to uncover and share opportunities on high-growth investment sectors, market trends, small-cap stocks and more.
This new initiative, with SPL, is a comprehensive agreement that will include development of a marketing strategy, social media initiatives text, dissemination of text, image and video content through SPL, with the Company retaining full editorial control. The agreement is for a 12-month period with the compensation being $100,000 cash.
Randy Minhas comments, “The Company has spent the last 18 months working on developing out its vertical farming technology, including the development of the Hydro Tower, as well as working with Fundamental Lighting to develop LED cannabis lights. With the recently announced letter-of-intent with Four Our Future Indigenous Economics Ltd., the time is right to begin to create increased exposure for the Company and increase market awareness about our technology. I look forward to working with SPL in the coming year.”
About Affinor Growers
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 the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
www.affinorgrowers.com
For More Information, please contact: Randy Minhas, CEO contact@affinorgrowers.com
