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VANCOUVER, Dec. 10, 2018 /CNW/ - AgraFlora Organics International Inc. (formerly PUF Ventures Inc.) ("AgraFlora" or the "Company") (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company is pleased to announce that, further to its news releases dated September 25, 2018, October 11, 2018 and November 19, 2018, it has closed a $7.5 million second tranche of the $40 million Equity Participation and Earn-In Agreement with Delta Organic Cannabis Corp. ("DOCC") and issued the second tranche of 16,718,265 common shares (the "Shares") of the Company at a deemed price of approximately $0.45 per Share.
"AgraFlora has received a total of $20 million from DOCC of the proposed $40 million financing and we are moving aggressively to retrofit our 2.2 million square foot greenhouse for cannabis cultivation," said Derek Ivany, President and CEO of the Company. "I am very pleased with the progress this far and expect the first phase to be complete and cultivation initiated in the first half of 2019. The size of the Delta greenhouse complex is impressive and will generate significant amounts of cannabis when complete. I look forward to the days ahead as AgraFlora grows to become a leading cannabis producer in Canada and around the world."
The Shares are being issued pursuant to the Equity Participation and Earn-In Agreement dated September 25, 2018 as amended on October 11, 2018 and November 19, 2018, with Delta Organic Cannabis Corp., a privately held Toronto-based cannabis investment company backed by preeminent leaders in Canadian cannabis enterprise.
The Shares are subject to a statutory four-month hold period
About Delta Organic Cannabis Corp.
DOCC is a Canadian focused vertically integrated cannabis company formed by some of the most successful early-movers in the space.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It has ownership in several cannabis companies including AAA Heidelberg and Propagation Services Canada in Canada and is actively pursuing other opportunities within the cannabis industry. AgraFlora Organics has an option to purchase 100% of AAA Heidelberg Inc., a licensed producer under the Access to Cannabis for Medical Purposes Regulations. For more information please visit www.agraflora.com and follow @agraflora on Twitter.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
SOURCE AgraFlora Organics International Inc.
For further information: AgraFlora Organics International Inc., E: [email protected], T: (800) 783-6056