Affinor Growers Inc.

Affinor Growers Inc.

October 30, 2015 16:12 ET

Affinor Growers Closes Financing & Announces Director Resignation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 30, 2015) -


Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the "Corporation), a diversified agriculture and biotechnology company with proprietary vertical farming systems, announces that the financing reported on October 27, 2015 has been closed. Mr. Gary Lloyd has also resigned from the Board of Directors to pursue his other businesses but will remain as an advisor to Affinor.

Affinor issued 8,333,333 units (a "Unit") at $0.06 per Unit, for gross proceeds of $500,000. Each Unit is comprised of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share for a 24-month period, expiring October 30, 2017, at a price of $0.15 per common share. Affinor now has 99,848,361 common shares outstanding.

As part of the financing, Affinor paid a $50,000 finder's fee in cash and issued Finder's warrants, entitling the holders to purchase up to 833,333 common shares for a period of 24 months at $0.15 per share. The securities issued are subject to a four-month hold period, expiring on March 1, 2016.

SBSK Investments Corp. ("SBSK") of Burnaby, BC was the sole subscriber, resulting in SBSK acquiring approximately 8.35% (basic) and 15.41% (partially diluted, assuming the exercise of only SBSK's warrants) of the issued and outstanding common shares of the Corporation.

SBSK acquired the common shares pursuant to the private placement for investment purposes and has no present intention to acquire further ownership of, or control over, additional securities of the Corporation, but may choose to acquire additional securities of the Corporation in the future for investment purposes.

This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by SBSK in connection with the acquisition of the Units is available on the Corporation's SEDAR profile.

Director Resignation

The Corporation also announces that Mr. Lloyd has resigned from the Board of Directors and will join Affinor's advisory board. Mr. Lloyd has been helpful in advising Affinor in several areas, specifically regarding the distribution of produce in North America. Affinor wishes to acknowledge and thank Mr. Lloyd for his contributions to the Corporation over the last several months.

About Affinor Growers Inc.

Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach and strawberries. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.

On Behalf of the Board of Directors


Jarrett Malnarick, President & CEO

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This press release is not for distribution or dissemination in the United States and accordingly, shall not constitute an offer of securities in the United States. The securities that may be issued pursuant to this press release are not currently qualified by prospectus or registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state, and may not be offered or sold in the United States, or to, or for the account or benefit of United States persons (as defined in Regulation S under the Securities Act) or persons in the United States absent registration or an applicable exemption from the registration requirements. The securities are subject to resale restrictions under applicable securities laws.


This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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