VANCOUVER, British Columbia, March 08, 2018 (GLOBE NEWSWIRE) -- Affinor Growers Ltd. (“Affinor Growers”) (CSE:AFI) (OTC:RSSFF) (Frankfurt:1AF) further to the news release dated March 5th, 2018, the company would like to announce that it has closed the first tranche for total proceeds of $3,999,666. The company plans to use its overallotment option to close the final tranche for up to an additional $4 million.
The private placement consisted of 24,997,916 units at 16 cents per unit. Each unit consists 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 25 cents 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 40 cents 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 finance Affinor's operations, corporate development and for general working capital purposes.
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
For More Information, please contact:
Nicholas Brusatore, CEO