VANCOUVER, British Columbia, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Agra Ventures Ltd.(“AGRA”orthe“Company”)(CSE: AGRA)(Frankfurt:PU31)(OTCPK:AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announces the issuance of common shares of the Company (the “Shares”) pursuant to debt settlements. As previously announced on May 26, 2021, the Company reached agreements with a certain arms-length party (the “Arm’s Length Party”) to settle outstanding amounts of indebtedness for consulting fees owing and other liabilities incurred by the Company (the “Fee Settlements”). Pursuant to the settlement, the Arm’s Length Party is entitled to the issuance of additional Shares (“Additional Shares”) in the event that the trading price closes below $0.05 the day before the Hold Period expires (the “Market Price”).
In such a case, the Arm’s Length Party shall be entitled to such number of Additional Shares as is determined by multiplying the Market Price by the number of Settlement Shares (the “Settlement Shares Value”) and then subtracting the Settlement Shares Value from the Settlement Amount (the “Settlement Shares Shortfall”). The Settlement Shares Shortfall will then be divided by the Market Price to determine the number of Additional Shares to be issued. In the event that Additional Shares are to be issued pursuant to the above, the CSE has confirmed that no hold period will be required prior to the sale of any Additional Shares and that the deemed price of the Additional Shares will be equal to the Market Price at that time. Accordingly, the Company issued 203,626 Additional Shares pursuant to the terms of the settlement.
The Company also announces that its Board of Directors has approved the settlement of amounts owing for services rendered (the "Debt Settlement") through the issuance of Shares. Pursuant to the Debt Settlement, the Company issued an aggregate amount of 189,750 Shares at a deemed price of $0.80 per share. All securities issued will be subject to a hold period from the date of issuance.
ABOUT AGRA VENTURES
Agra Ventures Ltd. (“AGRA” or “the Company”) is a growth-oriented and diversified company focused on the international cannabis industry. The Company is dedicated to the cultivation, distribution and marketing of high-quality cannabis and cannabis-infused products worldwide. AGRA’s primary asset in Canada is Boundary Bay Cannabis located in Delta, BC, which is one of the largest cannabis greenhouse facilities focused on the cost-optimized cultivation of high-potency cannabis. Abroad, the Company’s wholly-owned subsidiary, Farmako GmbH, is focused on becoming Europe’s leading distributor of medical cannabis. Farmako currently has active product distribution operations in Germany and expects to commence active operations in the United Kingdom in 2021.
For more information about Agra Ventures, please visit https://agraventures.com/ and its profile page on SEDAR at www.sedar.com.
ONBEHALFOFTHEBOARDOFDIRECTORS
Nick Kuzyk, Investor Relations
E: ir@agraventures.com
T: (800) 783-6056
TheCSEandInformationServiceProviderhavenotreviewedanddoesnotacceptresponsibilityfortheaccuracyoradequacyofthisrelease.
Forward-lookingInformationCautionaryStatement
Exceptforstatementsofhistoricfactthisnewsreleasecontainscertain“forward-lookinginformation” within the meaning of applicable securities law. Forward-looking information isfrequentlycharacterizedbywordssuchas“plan”“expect”“project”“intend”“believe”“anticipate” “estimate” and other similar words or statements that certain events or conditions“may” or “will” occur. Forward-looking statements are based on the opinions and estimates atthe date the statements are made and are subject to a variety of risks and uncertainties and otherfactors that could cause actual events or results to differ materially from those anticipated in theforward-looking statements including but not limited to delays or uncertainties with regulatoryapprovalsincludingthatoftheCSE.Thereareuncertaintiesinherentinforward-lookinginformation including factors beyond the Company’s control. There are no assurances that thebusinessplansforAgra Ventures describedinthisnewsreleasewillcomeintoeffectonthe terms or time frame described herein. The Company undertakes no obligation to updateforward-looking information if circumstances or management’s estimates or opinions shouldchange except as required by law. The reader is cautioned not to place undue reliance onforward-looking statements. Additional information identifying risks and uncertainties that couldaffect financial results is contained in the Company’s filings with Canadian securities regulatorswhichareavailableatwww.sedar.com.
