Valens GroWorks Announces $5,000,000 Funding
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”), a multi-licensed, vertically integrated provider of cannabis products, is pleased to announce it has arranged for a $5,000,000 private placement consisting of 3,571,429 shares at a price of $1.40 per share (the “Offering”).
Proceeds of the Offering will be used for additional growing and oil extraction capacity at existing facilities, and general corporate purposes. There are no commissions or warrants contemplated for this placement.
Closing of the Offering is subject to regulatory approval including that of the CSE. 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 legislation.
The Company’s previously announced private placement of 2,000,000 units of the Company (the “Units”) at a price of $1.00 per Unit for gross proceeds of up to $2,000,000 is now closed. Following the previously announced closed tranches totalling $712,700, this final tranche raised an additional $1,287,300.
About Valens GroWorks
Valens GroWorks is Canadian publicly traded biotechnology company executing on its “plants to premium products” objectives through two wholly-owned subsidiaries, located at the Company’s expanding 17,000 sq.ft. facility on two acres in Kelowna, in the heart of British Columbia’s Okanagan Valley. Subsidiary Valens Agritech (“VAL”) is commencing cannabis production and sales under a Health Canada Dealer’s License, and is also a late-stage license applicant to cultivate medical marijuana under the ACMPR for individual patients. Subsidiary Supra THC Services (“Supra”) is a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers, ACMPR patients, and the natural health products industry.
Supra has partnered with Thermo Fisher Scientific to develop a “Centre of Excellence in Plant-Based Medicine Analytics” in Kelowna, and both subsidiaries are involved in a collaborative research partnership with British Columbia-based universities UBC Okanagan and Thompson Rivers to explore the vast range of bioproducts that can be made from cannabis plant materials. A supply and sales agreement with Canopy Growth Corporation (TSX: WEED) provides for the distribution, marketing and sale of a portion of the Company’s branded products through Canopy Growth’s extensive CraftGrow distribution network. For more information, please visit https://thevalenscompany.com, http://www.valensagritech.com and http://www.labsthc.ca.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) “Rob van Santen”
Chief Financial Officer
For further information, please contact:
Notice Regarding Forward-Looking Statements
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections
contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
UPDATE: Supra THC Services Inc. has been sold, with a transfer of assets into new subsidiary Valens Labs Ltd. For more information please visit Valens Launches Valens Labs & Sells Supra to Australian-based RotoGro.