More funding by Terrace Global to develop European production.
I wonder what proportion of shares and warrants they now hold.But we do need their continued support.
" (“Flowr” or the “Company”) is pleased to announce that the Company has closed on a third tranche of funding (the “Third Tranche”) in the amount of C$350,000 pursuant to the Equity Line and Profit Share Agreement (the “Agreement”) with Terrace Global Inc. (TSXV: TRCE) (“Terrace Global”). The Third Tranche will be used to fund the Company’s outdoor medical cannabis site in Aljustrel, Portugal which is jointly operated with Terrace Global (the “Partnership”).
“We are very pleased by the progress in Aljustrel and continue to work closely with Terrace Global towards a successful harvest later this year,” commented Vinay Tolia, Chief Executive Officer of Flowr. “Thus far the crops in Aljustrel look very promising and we continue to be on track to harvest the fields in Q4 2020. It’s exciting to be leading what we believe to be one of the largest outdoor THC cultivation projects in Europe to date.”
As part of the Partnership and under the terms of the Agreement, Terrace Global has agreed to fund the operations and certain capital expenditures at the Company’s outdoor facility located in Aljustrel, Portugal in exchange for common shares and warrants in Flowr. As part of the Third Tranche announced today, Flowr has issued to Terrace Global 637,077 common shares of the Company at a price of $0.52 and an equal amount of common share warrants (the “Warrants”). Each Warrant is exercisable into one full common share of the Company at an exercise price of $0.76 per common share for a period of 36 months from August 28, 2020. The Third Tranche remains subject to the final approval of the TSX Venture Exchange. All securities issued under the Third Tranche are subject to the customary four-month hold period and may not be traded before December 29, 2020. The parties continue to expect Terrace Global to fund at least C$3 million under the Agreement.
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.
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."
