Affinor Growers announces $0.20 unit private placement

Added on 29 June 2022

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Affinor Growers announces $0.20 unit private placement

VANCOUVER, British Columbia, June 24, 2022 - Affinor Growers Inc. ("Affinor" or the "Company") (CSE: AFI) (OTCQB: RSSFF) is pleased to announce it is undertaking a private placement of up to 10,000,000 units (the "Units") at a price of CDN$0.20 per Unit for gross proceeds of up to CDN$2,000,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional Share (a "Warrant Share") at a price of CDN$0.30 per Warrant Share, for a period of 24 months from the date of issuance. Proceeds from the Offering will be used to increase production capacity in the Company's current greenhouse and build the new Atlantis building for more production and allow for selling turnkey facilities as well as for working capital.

The Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approvals of the Canadian Securities Exchange (the "CSE").

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws. A finder's fee may be paid in connection with the Offering to eligible arm's length finders in accordance with CSE policies and applicable securities laws.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Affinor

Affinor is a publicly traded company listed on the CSE under the symbol "AFI" and on the OTCQB under the symbol "RSSFF". Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.

To learn more about Affinor, visit: https://www.affinorgrowers.com