Its lonely on this board but will keep current.
"Another PP to fund European build-out. Should be fully functioning soon
" “Company”) is pleased to announce that the Company has closed on a fifth tranche of funding (the “Fifth Tranche”) in the amount of C$1,000,000 pursuant to the Equity Line and Profit Share Agreement (the “Agreement”) with Terrace Global Inc. (TSXV: TRCE) (“Terrace Global”). On September 23, 2020, the parties to the Agreement amended its terms such that Terrace Global’s percentage of net proceeds under the Agreement will be increased by 2.5% for every additional $200,000 funded in excess of $3,000,000 to a maximum of 50% of net proceeds. The Fifth 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”).
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 Fifth Tranche announced today, Flowr has issued to Terrace Global 1,923,077 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 October 9, 2020. The Fifth Tranche remains subject to the final approval of the TSX Venture Exchange. All securities issued under the Fifth Tranche are subject to the customary four-month hold period and may not be traded before February 10, 2020.
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.
