Flowr logo

FLWR - Flowr News Story

C$0.24 -0.0  -2.0%

Last Trade - 13/05/21

Micro Cap
Market Cap £47.8m
Enterprise Value £79.2m
Revenue £4.41m
Position in Universe 944th / 2704

The Flowr Corporation Announces Closing of $15.9 Million Bought Deal Financing

Tue 16th March, 2021 2:13pm
For best results when printing this announcement, please click on link below:


TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V:
FLWR; OTC: FLWPF) (“Flowr” or the “Company”) is pleased to announce
that it has closed its previously announced bought deal short form prospectus
offering (the “Offering”). In connection with the Offering, the Company
issued 31,127,453 units of the Company (the “Units”) at a price of $0.51
per Unit (the “Issue Price”) for aggregate gross proceeds to the Company
of approximately $15.9 million, inclusive of the partial exercise of the
over-allotment option. The Offering was completed by Cantor Fitzgerald Canada
Corporation, as sole bookrunner and lead underwriter (the “Lead
Underwriter”), ATB Capital Markets Inc., Canaccord Genuity Corp. and Echelon
Wealth Partners Inc. (collectively with the Lead Underwriter, the

Each Unit consists of one common share in the capital of Flowr (each a
“Common Share”) and one full Common Share purchase warrant of the Company
(each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire
one Common Share at an exercise price of $0.64 per Common Share for a period
of two years from March 16, 2021 (the “Closing Date”).

Following the partial exercise of the over-allotment option granted to the
Underwriters, an additional 3,274,508 Units remain exercisable by the
Underwriters at the Issue Price, in whole or in part, at any time for a period
of thirty days from the Closing Date.

The Underwriters were paid a cash commission equal to 7.0% of the gross
proceeds of the Offering and received Unit purchase warrants of the Company
(the “Underwriters’ Warrants”) equal to 6.0% of the number of Units sold
under the Offering, with each Underwriters’ Warrant being exercisable to
acquire one common share at the Issue Price for a period of 24 months from the
Closing Date.

The net proceeds of the Offering will be used for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the U.S. Securities Act of 1933 (the
“U.S. Securities Act”) or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons (as defined in Regulation
S under the U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.

About The Flowr Corporation

The Flowr Corporation is a Toronto-headquartered cannabis company with
operations in Canada, Europe, and Australia.  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
indirectly has a license for medical cannabis cultivation in Portugal and
operates GMP licensed facilities in both Portugal and Australia. 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

For more information, please visit flowrcorp.com
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:
Lance Emanuel
President and Interim Chief Executive Officer


Irina Hossu, Chief Financial Officer

Forward-Looking Information and Statements

This press release contains “forward-looking information” within the
meaning of Canadian securities laws. Often, but not always, forward-looking
information can be identified by the use of words such as “plans”, “is
expected”, “expects”, “scheduled”, “intends”,
“contemplates”, “anticipates”, “believes”, “proposes” or
variations (including negative and grammatical variations) of such words and
phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be
achieved. Such information and statements are based on the current
expectations of Flowr’s management and are based on assumptions and subject
to risks and uncertainties. Although Flowr’s management believes that the
assumptions underlying such information and statements are reasonable, they
may prove to be incorrect. The forward-looking events and circumstances
discussed in this press release may not occur by certain specified dates or at
all and could differ materially as a result of known and unknown risk factors
and uncertainties affecting Flowr, including risks relating to: general
economic and stock market conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in Canada and
elsewhere; the cannabis industry in Canada generally; the ability of Flowr to
implement its business strategies; Flowr’s inability to produce or sell
premium quality cannabis, risks and uncertainties detailed from time to time
in Flowr’s filings with the Canadian Securities Administrators; the
Company’s inability to raise capital or have the liquidity to operate or
advance its strategic initiatives and many other factors beyond the control of

Although Flowr has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking information or statements, there may be other factors that
cause actions, events or results to differ from those anticipated, estimated
or intended. No forward-looking information or statement can be guaranteed.
Except as required by applicable securities laws, forward-looking information
and statements speak only as of the date on which they are made and Flowr
undertakes no obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information, future
events or otherwise. When considering such forward-looking information and
statements, readers should keep in mind the risk factors and other cautionary
statements in Flowr’s Annual Information Form dated April 29, 2020 (the
“AIF”) and filed with the applicable securities regulatory authorities in
Canada. The risk factors and other factors noted in the AIF could cause actual
events or results to differ materially from those described in any
forward-looking information or statements.

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.


GlobeNewswire, Inc. 2021
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.