The Flowr Corporation Announces Closing of Non-Brokered Offering of Securities
July 27 2021 - 5:30PM
The Flowr Corporation (“
Flowr” or the
“
Company”) (TSXV: FLWR, OTC: FLWPF) is pleased to
announce that today it has closed its previously announced
non-brokered private placement offering for 2,619,047 units
(“
Units”) of the Company at a price of $0.21 per
Unit (the “
Issue Price”) for gross proceeds of
approximately $550,000 (the “
Offering”).
Each Unit consists of one common share in the
capital of the Company (a “Common Share”) and one
Common Share purchase warrant (a “Warrant”). Each
Warrant entitles the holder thereof to acquire one Common Share
(“Warrant Share”) at an exercise
price of $0.26 per Warrant Share at any time until January 27,
2025.
The Company intends to use the net proceeds of
the Offering for: (i) partial repayment of outstanding
indebtedness; and (ii) general corporate and working capital
purposes.
The Offering is being conducted on a
non-brokered private placement basis in the United States pursuant
to available exemptions from the registration requirements under
the United States Securities Act of 1933, as amended, and
applicable state securities laws and OSC Rule 72-503 –
Distributions Outside of Canada.
The securities offered in the Offering have not
been and will not be registered under the U.S. Securities Act or
the securities laws of any state of the United States and may not
be offered or sold absent such registration or an applicable
exemption from such registration requirements. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of the Units in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that jurisdiction. The securities referenced
herein have not been approved or disapproved by any regulatory
authority.
About The Flowr Corporation
The Flowr Corporation is a Toronto-headquartered
cannabis company with operations in Canada and the European Union.
Its Canadian operating campus, located in Kelowna, BC, includes a
purpose-built, GMP-designed indoor cultivation facility; an outdoor
and greenhouse cultivation site; and a state-of-the-art R&D
facility. From this campus, Flowr produces recreational and
medicinal products. Internationally, Flowr intends to service the
global medical cannabis market through its subsidiary Holigen
Holdings Limited, which has a license for cannabis cultivation in
Portugal and operates a GMP licensed facility in Portugal. In 2020,
Flowr’s BC Pink Kush was recognized as the top indica strain in
Canada by KIND magazine.
Flowr aims to support improving outcomes through
responsible cannabis use and, as an established expert in cannabis
cultivation, strives to be the brand of choice for consumers and
patients seeking the highest-quality craftsmanship and product
consistency across a portfolio of differentiated cannabis
products.
For more information, please visit flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr
Corporation.
On behalf of The Flowr Corporation:
Darryl BrookerChief Executive Officer
CONTACT INFORMATION:
INVESTORS & MEDIA:John ChouChief Financial
OfficerJohn.chou@flowr.ca
Forward-Looking Information:
Certain statements made in this press release
may constitute “forward-looking information”, “future oriented
financial information” or “financial outlooks” (collectively,
“forward-looking information”) within the meaning
of applicable securities laws. Forward-looking information may
relate to anticipated events or results relating to the Offering
including, but not limited to, the use of proceeds of the
Offering.
Forward-looking information is current as of the
date it is made and is based on reasonable estimates and
assumptions made by us at the relevant time in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
believe are appropriate and reasonable in the circumstances. To the
extent any forward-looking information in this press release
constitutes “future oriented financial information” or “financial
outlooks”, within the meaning of applicable securities laws, the
purpose of such information being provided is to demonstrate the
potential of the Company and readers are cautioned that this
information may not be appropriate for any other purpose. However,
we do not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws in Canada.
There can be no assurance that such estimates and assumptions will
prove to be correct. Many factors could cause our actual results,
level of activity, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking information as discussed in the “Risk
Factors” section of the Company’s 2020 Annual Information Form
dated April 28, 2021 (the “AIF”). A copy of the
AIF and the Company’s other publicly filed documents can be
accessed under the Company’s profile on the System for Electronic
Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com. The Company cautions that the list of risk factors
and uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating the forward-looking information and are cautioned not to
place undue reliance on such information.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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