Valens GroWorks Announces Closing of $27.3 Million Bought Deal Financing

Valens GroWorks Corp. (CSE:VGW) (the “Company” or “Valens”), a multi-licensed, vertically integrated provider of cannabis products and services utilizing proprietary extraction processes, is pleased to announce that it has closed its previously announced bought-deal prospectus offering (the “Offering”). The syndicate for the Offering was led by AltaCorp Capital Inc. as co-lead underwriter and sole bookrunner, along with Mackie Research Capital Corp. as co-lead underwriter, and including Beacon Securities Limited (collectively, the “Underwriters”), pursuant to which the Company issued an aggregate of 12,820,513 units of the Company (the “Units”) at a price of $1.95 per Unit, 1,130,977 common shares of the Company (“Common Shares”) and 961,539 Common Share purchase warrants, as a partial exercise of the Underwriters’ over-allotment option (the “Offering Price”) for aggregate gross proceeds to the Company of $27,303,801.

The Company plans to use the net proceeds from the Offering to increase extraction capacity at the Company’s Kelowna facility, strategically increase the Company’s domestic geographic presence, and for general corporate purposes.

The securities issued pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Valens GroWorks

Valens GroWorks Corp. is a vertically integrated provider of Canadian cannabis products developed from our proprietary extraction techniques, with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech has initiated cannabis production, processing and sales under a Continue Reading

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