Flowr logo

FLWR - Flowr News Story

C$0.26 0.0  0.0%

Last Trade - 10/05/21

Sector
Healthcare
Size
Small Cap
Market Cap £52.6m
Enterprise Value £84.0m
Revenue £4.40m
Position in Universe 916th / 2703

The Flowr Corporation Announces Private Placement

Sat 23rd January, 2021 12:27am
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210123:nGNX4QWRm7&default-theme=true


TORONTO, Jan. 22, 2021 (GLOBE NEWSWIRE) -- The Flowr Corporation (TSX.V: FLWR;
OTC: FLWPF) (“Flowr” or the “Company”) announces that it intends to
complete a non-brokered private placement of common shares of Flowr (“Common
Shares”) for gross proceeds of up to $1,000,000 (the “Offering”) led by
certain directors, officers and insiders. Pursuant to the Offering, the Common
Shares will be issued at a price of $0.30 per Common Share. The Company
expects to use the proceeds of the Offering for general working capital
purposes.

In addition, in connection with the Company’s previously announced
acquisition (the “Acquisition”) of Terrace Global Inc. (“Terrace”),
the Company proposes to satisfy its obligation to make change of control
payments to certain former directors and officers of Terrace by issuing Common
Shares, which will result in Flowr issuing an aggregate of 276,569 Common
Shares to such former directors and officers of Terrace at a deemed price of
$0.44 per Common Share (the “Change of Control Payment”). The Company also
proposes to pay a portion of the fees owed to Terrace’s financial advisor in
respect of the Arrangement, Hyperion Nesbitt Burns Inc. (“Hyperion”), by
issuing an aggregate of 467,681 Common Shares to Hyperion at a deemed price of
$0.44 per Common Share (the “Hyperion Payment”).

Each of the Offering, the Change of Control Payment and the Hyperion Payment
is subject to approval of the TSX Venture Exchange.

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, which has a license
for 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
products.  

For more information, please visit flowrcorp.com
(https://www.globenewswire.com/Tracker?data=_1DYZugLAE1Dyhpesagcxigi-krlD8qCgmnzxug0OZPVEb-yiQyriYCTc4NmGujSIp6Ovfk5TBNQm7O_qzMBBQ==)
or follow Flowr on Twitter: @FlowrCanada and LinkedIn: The Flowr Corporation.

On behalf of The Flowr Corporation:
Lance Emanuel
Interim CEO

CONTACT INFORMATION:

INVESTORS & MEDIA:
Thierry Elmaleh
Head of Capital Markets
(877) 356-9726 ext. 1528
thierry@flowr.ca

Forward-Looking Information and Statements

This press release contains “forward-looking information” within the
meaning of Canadian securities laws, which may include but is not limited to:
the completion of the Offering; the aggregate gross proceeds of the Offering
and the intended use thereof; the issuance of Common Shares for the Change of
Control Payment and Hyperion Payment; and receipt of approval from the TSXV
for the Offering, Change of Control Payment and Hyperion Payment. 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
Flowr.

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.


(https://www.globenewswire.com/NewsRoom/AttachmentNg/c2f80cdc-4dec-49f4-96f1-9dc064de4a51)



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.