CROP Announces Closing Oversubscribed Private Placement
VANCOUVER, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) — CROP INFRASTRUCTURE CORP. (CSE: CROP) (OTC: CRXPF) (Frankfurt: 2FR) announced today it has closed its previously announced $0.30-unit non-brokered private placement for gross proceeds of $3,086,244 by issuance of 10,287,480 units. Each $0.30 unit consists of one common share and one whole common share purchase warrant exercisable at $0.50 per warrant for a period of two years from the date of issuance.
In connection with the closing, the company paid $38,333.98 in commissions and issued 128,780 brokers warrants exercisable at $0.50 for a period of two years. All securities issued under the private placement, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.
Furthermore, the company has converted $1,193,000 in outstanding debts at the same price as the private placement by the issuance of 3,976,667 units.
CROP CEO, Michael Yorke, stated: “With the closing of this private placement CROP is now capitalized to complete the construction of its 40-acre outdoor Nevada farm, build an additional 30,000 square feet of greenhouse space in California and begin identifying entry opportunities into additional states.”
CROP is publicly listed on the CSE and trades under the symbol “CROP”. CROP is focused on cannabis branding and real estate assets. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 1,865 acres of CBD farms, extraction in Nevada and joint ventures on dispensary applications with international focuses in Jamaica and Italy.
CROP has developed a portfolio of assets including Canna Drink, a cannabis infused functional beverage line, US and Italian distribution rights to over 55 cannabis topical products and a portfolio of 16 cannabis brands. CROP’s infrastructure has over 150,000 sq ft of built canopy and over 2,900 acres of real estate.
Certain statements in this press release related to the Offering, the securities issuable thereunder and the Transaction are forward-looking statements and are prospective in nature. Certain statements in this release are forward-looking statements, which include regulatory approvals, the business of the Company and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The CSE has not reviewed, approved or disapproved the content of this press release.