Affinor Growers Announces a $500,000 Private Placement

VANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Affinor Growers Ltd. (“Affinor Growers”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) is pleased to announce a private placement of 16,666,666 million Units (the “Units”) at $0.03 per Unit, a financing of $500,000.

The Units consist of one common share and one common share purchase warrant giving the warrant holder the right to buy another common share for two years at $0.06 per common share. In the event that the Company’s common shares trade at a price on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded at such time) of greater than $0.20 per share for a period of 20 consecutive trading days, the issuer may accelerate the expiry date of the warrants by giving notice to the holders thereof by way of a news release, and in such case, the warrants will expire on the 30th day after the date of such notice.

The proceeds of the offering will be used to fund expansion of the Company’s patents, development of its intellectual property, marketing and general working capital.

Randy Minhas, CEO, commented that “This opportunity to raise some financing during this pandemic is a testament to the confidence our shareholders have in the future of this Company.  We have built a strong foundation on which we will now begin to commercialize our technology.  The importance of food security and food quality has never been more vital.  I’m excited to be able to address both issues through our technology and I thank our shareholders for their continued support.”

Affinor plans to close the financing shortly and may pay commission to certain finders.

About Affinor Growers

is a publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.

AFFINOR GROWERS INC.

For More Information, please contact: Randy Minhas, CEO