VANCOUVER, Jan. 12, 2018 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a multi-licenced, vertically integrated provider of cannabis products, announces it has received $602,200 from the exercise of share purchase warrants. A total of 523,653 warrants were exercised at $1.15 and the Company is issuing a total of 523,653 common shares. The warrants were issued in connection with a non-brokered private placement financing in January 2017 and expired on January 11, 2018.
Tyler Robson, CEO of Valens GroWorks commented: "We are very pleased with the level of support received from our shareholders as demonstrated by the closing of our recent $2,000,000 funding, as well as the exercise of these warrants. With our significantly improved treasury, Valens GroWorks is well positioned to advance its corporate initiatives."
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 in the heart of British Columbia's Okanagan Valley. The Company owns 100% of Valens Agritech ("VAL"), commencing cannabis production and sales under a Health Canada Dealer's License, and a late-stage license applicant to cultivate medical marijuana under the ACMPR for individual patients. Valens also owns 100% of 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) "Rob 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