MustGrow Arranges $1.5 Million Equity Private Placement
15 Novembre 2019 - 1:00PM
MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF)
(the "
Company", "
MustGrow"), an
agricultural biotech company developing and commercializing a
portfolio of natural, science-based bio-pesticides, is pleased to
announce a non-brokered private placement (the "
Private
Placement") of approximately 4,285,714 units (each a
"
Unit") for gross proceeds of up to approximately
C$1,500,000 at a price per Unit of C$0.35.
Each Unit shall consist of one common share of
the Company and one-half of one common share purchase warrant (each
a "Warrant"). Each full Warrant shall entitle the
holder to acquire one common share of the Company at a price of
C$0.50 for a period of 24 months following the closing of the
Private Placement.
The Company intends to use the proceeds from the
Private Placement to fund research and development, and for working
capital and general corporate purposes.
The closing of the Private Placement is
scheduled to occur on or about December 5, 2019. All
securities issued under the Private Placement will be subject to a
hold period expiring 4 months plus 1 day following the closing date
of the Private Placement. The Private Placement is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals, including the approval of the Canadian
Securities Exchange and the applicable securities regulatory
authorities.
The securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state
securities laws, and may not be offered or sold in the United
States or to, or for the account or benefit of, United States
persons absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About MustGrow
MustGrow is a publicly traded (CSE:
MGRO) (OTC: MGROF) agricultural biotech company focused on
providing natural science-based biological solutions for high value
crops, including fruit & vegetable and cannabis
cultivation. MustGrow has designed and owns a United States
EPA-approved organic solution that uses the mustard seed’s natural
defence mechanism to protect plants from pests and diseases. 110
independent tests have been completed, validating MustGrow’s safe
and effective signature products. This product, in granule format,
is EPA-approved across all key U.S. states as a fertilizer and
pesticide (currently limited to fertilizer in California) and is
designated by Health Canada’s PMRA (Pest Management Regulatory
Agency) as a fruit & vegetable bio-pesticide and fertilizer.
MustGrow has now concentrated a liquid format to be applied through
standard drip or spray equipment, improving functionality and
performance features.
In cannabis, MustGrow is currently developing
effective, safe and biological solutions that adhere to Health
Canada’s strict regulations, including (1) its mustard-derived
bio-pesticide to treat soil-borne pests and diseases; and (2) an
in-licensed bio-fungicide for powdery mildew.
The Company has approximately 25.0 million basic
common shares issued and outstanding and approximately 36.9 million
on a fully diluted basis. For further details please visit
www.mustgrow.ca.
ON BEHALF OF THE BOARD
"Corey Giasson"
Director & CEO Phone: +1-306-668-2652
Forward-Looking Statements
Certain statements included in this press
release constitute "forward-looking statements" which involve known
and unknown risks, uncertainties and other factors that may affect
the results, performance or achievements of MustGrow.
Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects", "is expected", "budget", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might",
"occur" or "be achieved".
Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results
of MustGrow to differ materially from those discussed in such
forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that
they will have the expected consequences to, or effects on,
MustGrow.
These risks are described in more detail in
MustGrow’s Prospectus and other continuous disclosure documents
filed by MustGrow with the applicable securities regulatory
authorities and available at www.sedar.com. Readers are
referred to such documents for more detailed information about
MustGrow, which is subject to the qualifications, assumptions and
notes set forth therein.
This release does not constitute an offer for sale of, nor a
solicitation for offers to buy, any securities in the United
States. Neither the CSE nor its Regulation Services Provider (as
that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release.
Important
Always read and follow label use directions. ©
2019 MustGrow Biologics Corp. All rights reserved.
MustGrow Biologics (CSE:MGRO)
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