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VANCOUVER, Nov. 29, 2017 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a biotechnology company specializing in the production, research, development and commercialization of novel, cannabinoid-based products and drug therapies, is pleased to announce the closing of a further 505,200 units (the "Units") for proceeds of $505,200, the second tranche of its non-brokered private placement to raise up to $1,000,000 at a price of $1.00 per Unit (the "Offering"), as announced on November 13, 2017.
Following our previous closing of $207,500, today's closing leaves $287,300 available as a potential third tranche. Proceeds of the Offering are intended for general corporate purposes which includes submission of our application for an OTCQB listing, the engagement of several key strategic advisory consultants, and existing facility expansion costs, including additional growing and oil extraction capacity in preparation for a multi-phase expansion.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the CSE. All securities issued pursuant to this private placement are subject to a hold period expiring four months and one day from the date of issuance.
About Valens GroWorks Corp.
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. Subsidiary Valens Agritech ("VAL") is commencing cannabis production and sales under a Health Canada Dealer's License, and is also a late-stage license applicant to cultivate medical marijuana under the ACMPR for individual patients. Subsidiary Supra THC Services ("Supra") is a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers, ACMPR patients, and the natural health products industry.
Supra has partnered with Thermo Fisher Scientific to develop a "Centre of Excellence in Plant Based Medicine Analytics" in Kelowna, and both subsidiaries are involved in a collaborative research partnership with British Columbia-based universities UBC Okanagan and Thompson Rivers to explore the vast range of bioproducts that can be made from cannabis plant materials. A supply and sales agreement with Canopy Growth Corporation (TSX: WEED) provides for the distribution, marketing and sale of a portion of the Company's branded products through Canopy Growth's extensive CraftGrow distribution network. For more information, please visit http:/valensgroworks.com, http://www.valensagritech.com and http://www.suprathc.ca.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) "Robert van Santen"
Chief Financial Officer
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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SOURCE Valens GroWorks Corp.
For further information: Greg Patchell, Telephone: +1.250.860.8634