Vancouver, British Columbia–(Newsfile Corp. – July 28, 2017) – Valens GroWorks (CSE: VGW), a vertically integrated provider of cannabis products, has announced a non-brokered private placement. The company plans to raise gross proceeds of up to $4 million from the issuance of up to 4 million units priced at $1.00 per unit.
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Each unit consists of one share and one-half a warrant, with each full warrant exercisable at $1.50 for 12 months, subject to an acceleration clause. The company anticipates significant insider participation in the offering.
Proceeds will be used for plant expansion, including additional growing and oil extraction capacity at existing facilities, marketing and branding initiatives, other growth opportunities and general working capital.
The company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia. Valens Agritech (http://ift.tt/2u4JoKH) holds a Controlled Drugs and Substances Dealers Licence at its state-of-the-art production facility in Kelowna, British Columbia. Supra THC Services, (www.supraTHC.com) a Health Canada licensed cannabis testing lab, provides sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients.
The company has an aggressive buildout strategy in progress, as it seeks to capture a broad spectrum of clinical trial and R&D clients, medical marijuana users, as well as adult recreational users once legalized, in pursuit of its ambitious seed-to-sale and farm-to-pharma objectives. The company also provides management, consulting, testing and support services to domestic and international licensees, as well as financing and managing the buildout of fully-licensed 3rd party operations.
The shares are currently trading at $1.05, and with 53.2 million shares outstanding, the company is capitalized at $55.9 million.
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