Valens GroWorks Corp. announces that it has arranged for a $5,000,000 private placement consisting of 3,571,429 shares at a price of $1.40 per share.
Proceeds of the offering will be used for additional growing and oil extraction capacity at existing facilities, and general corporate purposes. There are no commissions or warrants expected for this placement.
The closing of the offering is subject to regulatory approval including that of the CSE. All securities issued regarding the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The company’s previously announced private placement of 2,000,000 units at a price of $1.00 per unit for gross proceeds of up to $2,000,000 is now closed. Following the previously announced closed tranches totaling $712,700, this final tranche raised an additional $1,287,300.
Valens GroWorks is Canadian publicly traded biotechnology company executing on its “plants to premium products” objectives through two wholly-owned subsidiaries, located at the company’s expanding 17,000 sq.ft. facility on two acres in Kelowna, in the heart of British Columbia’s Okanagan Valley.