Alliance Growers closes third tranche of placement
ALLIANCE CLOSES TRANCHE 3 OF 14,500,000 UNIT FINANCING
Alliance Growers Corp. has closed tranche 3 of the non-brokered private placement announced on Aug. 28, 2018. Each Unit consists of 1 common share and 1 transferable common share purchase exercisable for three years at $0.20. To date, including the 783,143 units closed on September 14, 2018, the Company has raised $624,826 with the issuance of 4,463,043 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 Placment.
The proceeds will be used primarily for the Biotech Complex for preliminary planning and development, plus development and constructions costs associated with the BiocannaTech facility in Montreal, as well as general working capital.
About Alliance Growers Corp.
Alliance is a diversified 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.
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