2nd December 2022
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Finance Stock Market

Affinor Growers Closes First Tranche of Non-brokered Private Placement

Affinor Growers Receive New Patent

Affinor Growers Inc. (CSE: AFI) (OTCQB: RSSFF) announced in a press release that it has closed the first tranche of a non-brokered private placement with gross proceeds of $124,000.

In their press release, the company explains that:

  • The financing consists of Units at $0.08 per Unit. Each Unit is compromised of one common share and one common share purchase warrant, each Warrant entitles the holder to purchase one common share of Affinor growers at a price of $0.10 per share for 24 months from the date of issuance.
  • The Company may pay finders’ fees equal to 8% in cash and 8% in finders’ warrants. Each warrant will be exercisable to purchase one common share at a purchase price of $0.10 for a period of 12 months from the date of issuance.
  • The net proceeds of the private placement will be used for planting/production costs and to help with the launch of the facility in Abbotsford.
  • Insiders have participated for $100,000 of the private placement.

The Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approvals of the Canadian Securities Exchange.

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. A finder’s fee may be paid in connection with the Offering to eligible arm’s length finders in accordance with CSE policies and applicable securities laws.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), 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.

Image provided by Affinor Growers Inc.

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