Flower One : Announces Closing of its Non-Brokered Private Placement – Marketscreener.com

Las Vegas, Nevada & Toronto, Ontario – September 27, 2021 – Flower One Holdings Inc. (“Flower One” or the “Company”) (CSE: FONE) (OTCQX: FLOOF) (FSE: F11), the leading cannabis cultivator and producer in Nevada, is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”), raising aggregate gross proceeds of US$5M. All amounts are in U.S. dollars unless indicated otherwise.

We are grateful for the support and vote of confidence signaled by an above-market transaction,” said Kellen O’Keefe, Flower One’s President and CEO. “As we have indicated since the restructuring, there are critical improvements that need to be made to the facility in order to as-sure we are able to produce at the quality and consistency levels required to achieve our corporate objectives. With this closing, and enhanced financial position, we now can begin implementing these improvements and introduce further automation – all with the goals of increasing productivity and profitability. Additionally, this closing positions Flower One for long term success while driving value for shareholders.

Private Placement:
In connection with the Private Placement, the Company issued a total of 50,000,000 units (the “Units”), each Unit comprised of one common share in the capital of the Company and one common share purchase warrant (each a “Warrant”). The Company has reserved an option at its sole discretion to increase the size of the Private Placement by $10M to an aggregate of $15M. The Company intends to use the net proceeds for implementing critical improvements to the facilities and for general corporate and working capital purposes.

Each Warrant entitles its holder to acquire one common share in the capital of the Company (each a “Warrant Share”) at an exercise price of $0.25 (the “Exercise Price”) at

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