Flower One Successfully Closes CDN$8.2 million Non-Brokered Private Placement – Yahoo Finance

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TORONTO , June 29, 2020 /CNW/ – Flower One Holdings Inc. (“Flower One” or the “Company”) (FONE.CN) (FLOOF) (F11.F), a leading cannabis cultivator, producer and innovator in Nevada , is pleased to announce that it has closed its previously announced non-brokered private placement, raising gross proceeds of CDN$8.2 million ( US$6.1 million ) (the “Private Placement”). In connection with the Private Placement, the Company issued a total of 16,102,018 units (“Units”) comprised of one common share in the capital of the Company (each a “Common Share”) and one-half common share purchase warrant (each a “Warrant”). The Company intends to use the net proceeds for general working capital purposes.

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Each Warrant entitles its holder to acquire one Common Share in the capital of the Company at an exercise price of CDN$0.61 any time up to June 26, 2023 , subject to adjustments in certain customary events, provided that if, at any time prior to the expiry date of the Warrants, the trading price of the Common Shares on the Canadian Securities Exchange (“CSE”) exceeds CDN$1.22 for 20 consecutive trading days, the Company may within 10 business days of the occurrence of such event deliver a notice to the holders of such Warrants accelerating the expiry date of the Warrants to the date that is 90 days following the date of such notice. The Warrants are transferrable subject to written consent provided by the Company. The Warrants will provide for customary anti-dilution adjustments to protect their economic value, including corporate actions of the Company such as share splits or consolidations, reclassifications, non-cash distributions, and business combination transactions.

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