Affinor Growers Inc., further to its news release dated Jan. 22, 2021, has closed a non-brokered private placement of 28,714,285 units of the company at 3.5 cents per unit for gross aggregate proceeds of $1,004,999.98.
Each unit consisted of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional share at a price of five cents per warrant share, on or before Feb. 26, 2022.
All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws ending on June 27, 2021. The company paid aggregate cash finders’ fees totalling $18,208.92 to certain eligible finders.
The company intends to use the proceeds from the offering to fulfill its obligations pursuant to its recently announced lease agreement with Nicholas Brusatore.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Director and chief executive officer Mr. Brusatore said: “Now that we are enabled with funds, it will certainly be a pleasure to finally showcase our patented, automated, vertical farming technology to the world. I personally look forward to serving the Affinor Growers shareholders and working diligently with our team to get this high-profile agriculture project into revenue.”
About Affinor Growers Inc.
Affinor is a publicly traded company listed on the Canadian Securities Exchange under the symbol AFI and on the OTCQB under the symbol RSSFF. Affinor is focused on developing vertical farming technologies, and using those technologies to grow fruits and vegetables in a sustainable manner.