Alliance Growers Closes 2M Unit Lead Order and Engages Fund for $4M Financing
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2019) - Alliance Growers Corp. (CSE: ACG) (the "Company" or "Alliance") is pleased to announce that it has closed the lead order of 2,000,000 units (the "Units") of the 4,000,000 -unit private placement announced on February 20, 2019 at $0.10 per Unit. Each Unit is comprised of one common share and one transferrable share purchase warrant, entitling the holder to acquire one common share of the Company at a price of $0.15 per share, for a period of two years.
On February 27, 2019, Alliance engaged a New York Family Office for a $4 million equity facility allowing the Company, solely at its request, to draw down on the facility over several months at progressively higher prices. The Company will announce details early next week.
"2019 is shaping up to be another strong period of growth for Alliance, we have now secured multiple on-going financing streams to ensure the Company is able to meet its financial obligations with its projects. In doing so, we have been careful to balance our financing requirements with dilution to our share capital," commented Dennis Petke, President and CEO of Alliance Growers. "We are looking forward to a long and fruitful relationship with the Family Office."
About Alliance Growers Corp.
Alliance Growers is a Diversified Global Medical Cannabis Company driven by the Company's 'Four Pillars' Organization Plan - Cannabis Biotech Complex, Strategic ACMPR Investments, CBD Oil Supply and Distribution, and Research and Technology.
Alliance Growers is working with Pharmagreen Biotech Inc. advancing a new business partnership, to jointly develop and operate a 63,000-square foot facility, to be the first of its kind in Western Canada to house a DNA Botany lab, extraction facility and Tissue Culture Plantlet Production facility to service the Cannabis market and agriculture market in general.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company's corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company's ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to identify and complete additional suitable acquisitions to further the Company's growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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