- Agricultural technology company, Affinor Growers (AFI) intends to raise C$500,000 in proceeds through its latest private placement
- The company hopes to issue around 16.67 million units at a price of three cents per unit
- Each unit will consist of one common share in Affinor Growers, plus one common share purchase warrant
- The proceeds will fund company patent expansion, intellectual property development, marketing, and general working capital
- Affinor Growers (AFI) remains unchanged and is currently trading at four cents per share
Agricultural technology company, Affinor Growers (AFI) has announced a private placement, intended to raise C$500,000 in proceeds.
The private placement will consist of approximately 16.67 million company units, to be issued at three cents per unit. Each unit contains one common share in Affinor, as well as one common share purchase warrant.
Each warrant will allow the holder to purchase one more common share at six cents each, within two years. However, the two-year expiry period may be accelerated if certain circumstances occur.
If Affinor Growers’ common shares trade for more than 20 cents on the Canadian Securities Exchange for 20 consecutive trading days, the company may accelerate the expiry date of warrants from the private placement.
Warrant holders will be notified through a news release that warrants will expire 30 days after the date of the notice.
The proceeds from the private placement will be used to fund a number of company growth initiatives. These include expanding Affinor Growers’ patents, developing its intellectual property, marketing, and general working capital.
Affinor Growers’ CEO, Randy Minhas, commented on the significance of the company’s private placement.
“This opportunity to raise some financing during this pandemic is a testament to the confidence our shareholders have in the future of this company.
“We have built a strong foundation on which we will now begin to commercialise our technology.
“The importance of food security and food quality has never been more vital. I’m excited to be able to address both issues through our technology, and I thank our shareholders for their continued support,” he said.
Affinor Growers (AFI) remains unchanged and is trading at four cents per share at 12:35pm EDT.