Alliance Growers Continues to Close Multiple Tranches of the $2,000,000 Private Placement, Settles Debt and Grants Stock Options
Alliance Growers (CSE: ACG) (the “Company”) is pleased to announce that it has closed a fourth tranche of 5,184,856 units (the “Units”) on September 24, 2018 at $0.14 per Unit for proceeds of $725,880, getting the Company closer to completing the $2,000,000 private placement.
Each Unit of the private placement announced on August 27, 2018 consists of 1 common share and 1 transferable common share purchase warrant exercisable for three years at $0.20. To date, the Company has raised $1,350,706 with the issuance of 9,647,899 units. In connection with this raise, the Company will pay Agent and Finders Fees and issue 195,394 broker Units on the same terms as the Private Placement Units. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. The proceeds from the $2,000,000 financing will be used primarily to advance the Company’s two main projects: the continued development of the Cannabis Biotech Complex and the construction of the BiocannaTech facility in Montreal, a late stage ACMPR applicant.
Commenting on the financing, Dennis Petke, Alliance Growers President and CEO said, “Although the process has taken longer than expected, we are very pleased with the demand for this recent financing, as it is expected to be oversold. We have commitments for the remaining 5 million units in the coming 5 to 10 days, with an expectation of an over-allotment. The Company will continue to close additional private placements at progressively higher prices over the next several months to fund the business plan. We would like to thank our shareholders for their continued support as we work towards realizing our vision of taking Alliance Growers to where the market is going, not where it is today.”
Alliance Growers Corp. (CSE: ACG) (the “Company”) announces that the Board of Directors has approved the grant of 5,150,000 options to directors, officers and consultants of the Company, which options are exercisable into common shares of the Company at a price of $0.20 per share. Subject to the rules of the Canadian Securities Exchange and the Company’s Stock Option Plan, the options have a term of five years and will expire on September 24, 2023. At the time of the grant, the prior days’ closing price of Alliance common shares was $0.18.
The Company has also entered in settlement with certain of its creditors for previously incurred debts totaling $175,000, whereby the Company will issue an aggregate of 875,000 common shares of the Company at a deemed price of $0.20 per share. At the time of the settlement, the closing price of Alliance Growers common shares was $0.18. All securities issued pursuant to this settlement will be subject to a hold period of four months and one day from the date of closing.
About Alliance Growers Corp.
Alliance Growers is a Diversified Global Medical Cannabis Company driven by the Company’s ‘Four Pillars’ Organization Plan — Cannabis Biotech Complex, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Technology.
Alliance Growers is working with Pharmagreen Biotech Inc. advancing a new business partnership, to jointly develop and operate a 62,000-square foot facility, to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general. The proposed Cannabis Biotech Complex’s main facility is the Cannabis Biotech Centre which will grow Cannabis plantlets using proprietary tissue culture propagation, specifically utilizing the “Chibafreen Invitro Plant Production System”, which allows for more tissue cultured plantlets to be produced in less space and less time.
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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