ALLIANCE GROWERS CLOSES OFF PRIVATE PLACEMENT, CANCELS STOCK OPTIONS, AMENDS PRICING OF SHARES FOR DEBT
March 29, 2017 – Vancouver, B.C. – Alliance Growers Corp. (CSE: ACG) (the “Company”) announces that the non-brokered private placement (the “Private Placement”) offering of November 8, 2016 has been closed off. The Company raised a total of $192,000 for the issuance of 960,000 units (the “Units”) at a price of $0.20 per Unit.
Also, on January 18, 2017, the Board of Directors has granted stock options at $0.185 for 1,550,000 options to directors, officers and consultants of the Company, which options are exercisable into common shares of the Company at a price of $0.185 per share. These stock option grants have been cancelled effective March 14, 2017.
On February 24, 2017, the Company announced in settlement with certain of its creditors for previously incurred debts, for an aggregate of 1,058,904 common shares of the Company at a deemed price of $0.125 per share, which had not yet closed. The Company has amended the pricing of this settlement with these creditors to $0.10 per share for a total debt settlement issuance of 1,765,641 common shares. All securities issued pursuant to this settlement will be subject to a hold period of four months and one day from the date of closing.
About Alliance Growers Corp.
Alliance Growers is a diversified global cannabis company driven by the Company’s four pillars business plan — cannabis botany centre, strategic ACMPR (Access to Cannabis for Medical Purposes Regulations) investments, CBD oil supply and distribution, and research and development.
Alliance Growers has executed an agreement with Botanical Research In Motion Inc. for a Canada-exclusive license to jointly develop and operate a 40,000-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.
Alliance Growers has rights to 50% of BCMM, a late stage applicant that submitted its ACMPR Application to Health Canada in 2014, and is also making a strategic investment in another private Company preparing to apply for an ACMPR producer’s license. Additionally, the Company is investing in several cannabis industry participants, ranging from co-developing a Cannabis App for use by the cannabis industry and its markets, to negotiating business arrangements with several companies for the purchase and sale between the parties of live cannabis plants, tissue culture plantlets and other cannabis products and services.
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On behalf of the board of directors of
ALLIANCE GROWERS CORP.
President and CEO
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