Another PP announced. Rather small this time, obviously and
hopefully further expences of European building will be completed. The revenue from this source should be a major resource for the company
"
) (“Flowr” or the “Company”) is pleased to announce that the Company has closed on a fourth tranche of funding (the “Fourth Tranche”) in the amount of C$703,000 pursuant to the Equity Line and Profit Share Agreement (the “Agreement”) with Terrace Global Inc. (TSXV: TRCE) (“Terrace Global”). The Fourth 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 Fourth Tranche announced today, Flowr has issued to Terrace Global 1,351,923 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 September 8, 2020. The Fourth Tranche remains subject to the final approval of the TSX Venture Exchange. All securities issued under the Fourth Tranche are subject to the customary four-month hold period and may not be traded before January 9, 2020. The parties continue to expect Terrace Global to fund at least C$3 million under the Agreement."
