Flowr Closes Third Tranche of Funding Achieved from Terrace Global
The Flowr Corporation has closed the third tranche of funding amounting C$350,000 according to the Flowr’s Equity Line and Profit Share Agreement with Terrace Global Inc. Flowr will use the Third Tranche to fund its outdoor medical cannabis site jointly operated with Terrace Global in Aljustrel, Portugal.
The company is optimistic about the fourth quarter as it will be leading a large THC cultivation project to harvest the fields. According to the terms of the Agreement, Terrace Global will fund these operations and Company’s outdoor facility capital expenditures in exchange for common shares and warrants in Flowr as a part of the Partnership between both companies.
Flowr CEO, Vinay Tolia said, “We are very pleased by the progress in Aljustrel and continue to work closely with Terrace Global towards a successful harvest later this year.”
“Thus far the crops in Aljustrel look very promising and we continue to be on track to harvest the fields in Q4 2020. It’s exciting to be leading what we believe to be one of the largest outdoor THC cultivation projects in Europe to date.”
Flowr has issued its 637,077 common shares to Terrace Global at the price of $0.52 per share and same number of common share warrants in the Third Tranche. The holders will be able to exercise each warrant into Company’s one full common share which has the exercise price of $0.76 per common share for next three years started from August 28, 2020.
Pursuant to Agreement, the parties engaged in the process of funding expect the Terrace Global to fund at least C$3 million. The Third Tranche is yet dependent on the final approval of the TSX Venture Exchange.