VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- Organic Flower Investments Group Inc. (“OFIG” or the “Company”) announces that, further to its news release dated March 6, 2019, it has closed the acquisition (the “Acquisition”) of all of the issued and outstanding shares of 1180782 B.C. Ltd. d/b/a Delta Organic Cannabis (“DOC”) that it did not otherwise own, in consideration of the issuance of an aggregate of 54,687,503 units of the Company (“Units”). Each Unit consists of one common share of OFIG and one common share purchase warrant that is exercisable into one common share of OFIG at a price of $0.65 until December 5, 2020.
DOC’s sole asset is an equity participation and earn-in agreement (the “Agreement”) with Agraflora Organics International Inc. (“Agra”) (CSE:AGRA), a growth-oriented and diversified company focused on the international cannabis industry. Pursuant to the Agreement, DOC has acquired common shares of Agra.
In connection with the Company’s acquisition of DOC, it has acquired control and direction of 44,582,040 common shares of AgraFlora Organics International Inc. (“Agra”) of 804-750 W. Pender Street, Vancouver, British Columbia, V6C 2T7. Immediately before the Acquisition, the Company held nil common shares of Agra. Immediately after the Acquisition, the Company had control and direction of 44,582,040 common shares of Agra, representing approximately 11.2% of the outstanding common shares of Agra on a non-diluted basis. The Company acquired control and direction over the common shares in connection with the Acquisition of DOC and for investment purposes. The Company may sell its securities of Agra either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Finders’ fees were paid in conjunction with the Acquisition.
For further information, please contact:
Organic Flower Investments Group Inc.
Theo van der Linde, Director
Phone: 604-687-2038
