Valens GroWorks Announces Exercise of 622,221 Warrants
Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”) is pleased to announce the exercise of 622,221 warrants at a price of $0.75 per share. This exercise of warrants results in the issue of 622,221 common shares (“Shares”) of the Company. This provides $393,000 cash added to the Company’s treasury, a $49,857 reduction in payables, and $23,476 in pre-paid consulting fees. Insider participation represents $317,500 of the total proceeds of $466,666.
These Shares are being issued pursuant to the terms of the Warrant Certificates attached to the Private Placement closed by the Company and filed with the Canadian Securities Exchange (“CSE”) on September 23, 2015.
Following issuance of these Shares, Valens will have 60,292,388 common shares issued and outstanding. No commissions or placement fees have been paid related to the proceeds from this exercise of warrants. Proceeds are earmarked for general corporate purposes.
Rob van Santen, Chief Financial Officer and a founding director of the Company commented: “The exercise of warrants by these shareholders provides a strong vote of confidence in our corporate direction, and increases our resources as we continue to develop and buildout high quality, large scale cannabis production capabilities.”
About Valens GroWorks Corp.
Valens GroWorks Corp. is a CSE-listed company with an aggressive buildout strategy in progress. The Company seeks to capture a broad spectrum of medical cannabis users, and adult recreational users once legalized, as well as clinical trial and R&D clients, in pursuit of its ambitious seed-to-sale and farm-to-pharma objectives. The Company provides management, consulting, testing and support services to domestic and international licensees, as well as financial support to fully-licensed third-party operations.
The Company operates through two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: Valens Agritech Ltd. (“VAL”) holds a Health Canada Dealer’s License and is positioning for expanded cannabis production, and Supra THC Services Inc. (“Supra”), a Health Canada licensed cannabis testing lab providing sector- leading analytical and proprietary services to Licensed Producers and ACMPR patients. Supra, in collaboration with Thermo Fisher Scientific (Mississauga) Inc., is developing a “Centre of Excellence in Plant Based Medicine Analytics” in Kelowna, British Columbia. For more information, please visit http:/thevalenscompany.com.au, http://www.valensagritech.com and http://www.labsthc.ca.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) “Saul Katz”
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.