Valens GroWorks Reports Stock Option Exercises
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Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”), a vertically integrated provider of cannabis products, announces it has received $84,999.80 from the exercise of stock options previously granted. 100,000 and 66,666 stock options were exercised at prices of $0.65 and $0.30 respectively for a total of 166,666 common shares being issued. The options were exercised by an independent director of the Company. Proceeds will be used for general corporate purposes.
Following issuance of these 166,666 common shares, and the 3,250,615 common shares issued from the closure of the $3,250,615 first tranche of its non-brokered private placement announced on August 11, 2017, Valens will have 59,650,167 common shares issued and outstanding.
No commissions or placement fees have been paid related to the funds received from this option exercise or the private placement proceeds.
About Valens GroWorks Corp.
Valens GroWorks Corp is a CSE-listed company with an aggressive buildout strategy in progress. The Company seeks to capture a broad spectrum of clinical trial and R&D clients, medical marijuana users, as well as adult recreational users once legalized, in pursuit of its ambitious seed-to-sale and farm-to-pharma objectives. The Company also provides management, consulting, testing and support services to domestic and international licensees, as well as financing and managing buildouts of fully-licensed 3rd party operations.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. (“VAL”) which holds a Controlled Drugs and Substances Dealers Licence at its state-of-the-art production facility in Kelowna, British Columbia, and 2) Supra THC Services Inc. (“Supra”), a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) “Rob van Santen”
Chief Financial Officer
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Notice Regarding Forward Looking Statements
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “anticipates”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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