Elevate Farms’ Canadian Partner, Intravision Greens Niagara, Closes Financing Transaction with Mosaic Capital Partners
TORONTO, Oct. 28, 2020 (GLOBE NEWSWIRE) — We are pleased to announce that Intravision Greens Niagara Inc. (“IGNI”), the exclusive Canadian partner of Elevate Farms Inc. (“Elevate” or “Elevate Farms”) has closed an arm’s length financing (“Financing”) of approximately $1,600,000 led by Mosaic Capital Partners, LP (“Mosaic”). Mosaic is a Toronto-based private investment firm that invests in a wide array of value-creating assets.
The Financing will be used to continue the development and construction of IGNI’s controlled environmental farming facilities (“CEF Facilities”) in the Niagara region of Ontario, Canada. The CEF facility is dedicated to the mass production of leafy green plants implementing, among other techniques, the use of patented LED lighting and robotics within a controlled environment facility (“CEF Technologies”). Along with the current expansion of IGNI’s CEF Facility in Welland, Ontario, IGNI intends to construct additional CEF Facilities across Canada. This would represent a financial outlay in excess of $20,000,000 over the next 36-months.The CEF Facilities erected by way of this partnership will be rolled-out throughout Niagara, and eventually Canada. As with Elevate’s previously announced facility currently under construction in New Zealand, each facility is rated to produce one million-pounds of leafy greens annually.Amin Jadavji, Elevate Farm’s Founder and CEO, stated, “Elevate and IGNI are extremely excited about this new partnership. Mosaic has a long and well established history of value creation for their clients and we see them as being an ideal partner to further develop IGNI’s operations across Canada.”Travis Kanellos, Elevate Farm’s Chief Strategy Officer stated, “Elevate and IGNI have the ability to materially expand the scope of local leafy green production and bolster a vulnerable agriculture industry. With this partnership, Elevate now has a footprint on four continents (North America, the European Union, Asia and Australia/New Zealand) and we are well ahead of pace in executing our global strategy.”ABOUT ELEVATE FARMSElevate Farms Inc., previously operating corporately as Intravision Greens Inc., is a technology-driven vertically-stacked indoor farming enterprise focused on mass scale and cost effective operations with patent secured and patent pending technology as well as over a decade of advanced photobiology research deployed.www.elevate.farmMosiac Capital Partners is a Toronto based invest firm that makes early stage investments in companies poised for significant scale leveraging their expertise and relationships to create maximum shareholder value.Travis Kanellos <[email protected]>