November 6, 2018 – Vancouver, BC – Alliance Growers Corp. (CSE: ACG; FWB: 1LA; WKN: A2DFYX) (“Alliance” or “the Company”) announces a correction to its November 2, 2018 news release wherein the final numbers of the $0.14 Unit Private Placement were incorrect. The correct numbers are as follows:
To date, including the 2,997,341 units that closed on November 2, 2018, the Company has raised $1,770,333.60 with the issuance of 12,645,240 units.
Other details regarding the current non-brokered private placement are as follows:
- The warrants are subject to an acceleration clause after the resale restrictions on the shares have expired. The expiry time of the warrants can be accelerated if the Company’s shares trade at or above a weighted average trading price of $0.30 per share for 10 consecutive trading days. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing.
- Finders’ Fees have been paid on portions of the financing at a rate of 8% in cash and 4% in Units bearing the same terms and conditions of the Private Placement.
- The proceeds will be used primarily for the Biotech Complex for preliminary planning and development, plus development and construction costs associated with the BiocannaTech facility in Montreal, as well as general working capital.
About Alliance Growers
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 62,000-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. The Cannabis Biotech Complex’s main facility is the Cannabis Biotech Centre which will grow Cannabis plantlets using proprietary tissue culture propagation, specifically utilizing the “Chibafreen Invitro Plant Production System”, which allows for more tissue cultured plantlets to be produced in less space and less time.
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For more information contact:
Dennis Petke, CEO, President and Director
Rob Grace, Communications Consultant
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE