Affinor Growers Closes $30 Million US Equity Line Facility With Dutchess Opportunity Fund II, LP
MONTREAL, CANADA–(Marketwired – Feb 19, 2015) – Affinor Growers (CSE:AFI)(RSSFF)(1AF.F) (“Affinor” or the “Corporation”) a company focused on mass producing, high quality, in-demand produce and high quality plants for global distribution, announced today that it has entered into a $30 million US equity line facility agreement with Dutchess Opportunity Fund II, LP, a Delaware limited partnership.
The Corporation has agreed to file a registration statement with the U.S. Securities & Exchange Commission (“SEC”) covering the shares that may be issued to Dutchess under the terms of the investment agreement. After the SEC has declared the registration statement related to the transaction effective, the company has the right at its sole discretion over a period of three years to sell up to $30 million US of common stock under the terms set forth in the agreement.
Sebastien Plouffe, President and CEO of Affinor, comments: “We are very pleased to have completed this financing with the Dutchess group as we see them as a long term capital partner. This new financing will allow Affinor to achieve this significant milestone to complete the Quebec greenhouse facility in St-Chrysostome, Quebec, which is key to show to the world our model and final products using our own technology”.
Douglas Leighton, managing partner at Dutchess, comments: “Dutchess is one of the more active institutional investors in cannabis-related enterprises, and we are delighted to add Affinor to our portfolio. We believe this funding will help the company continue with the Company’s technological growth.”
About Dutchess Opportunity Fund, II, LP
Dutchess Opportunity Fund II LP invests in special situations assisting growth-stage and mature companies alike. Founded in 1996, Dutchess Capital, through its investment funds, has managed over $2 billion in transactional value for companies, which span a wide array of sectors. With offices in Boston, New York, London, Beijing, and São Paulo, Dutchess Opportunity Fund II LP invests in global investment opportunities and has become a leading investor in cannabis-related businesses. For further information about Dutchess, please visitdutchesscapital.com.About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing mainly high quality crops such as romaine lettuce, spinach, strawberries and kales. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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