MONTREAL, QUEBEC--(Marketwired - March 28, 2014) - Affinor Resources Inc. (the "Company") (CSE:AFI) is pleased to announce a non-brokered private placement of up to $2.5 million at a price of $0.25 per unit. Each unit is comprised of one common share and one whole share purchase warrant of the Company. The common share purchase warrant has a term of two years exercisable at $0.40 with an early exercise provision when the common shares of the company trade above $0.75 for 20 consecutive trading days. A cash commission equal to 10 per cent of the gross proceeds of the private placement shall be payable. The closing of the private placement is expected to be on April 4, 2014.
The net proceeds of this private placement will be used to review and evaluate any potential acquisition or partnership in the medical marijuana and hemp industries, to attract top experts in the sectors, to be listed on the US Exchange, Marijuana Exchange and the Frankfurt Exchange and for working capital.
The Company is also issuing six hundred fourteen thousands shares for debt to the management and consultants. The equity private placement and the shares for debt remains subject to the receipt of all required regulatory approvals, including, without limitation, the approval of the Canadian Securities Exchange.
About Affinor Resources Inc.
Affinor Resources is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on the Medical Marijuana industry within North America as well as Affinor has a Mineral Exploration division. Affinor is currently working towards becoming a premier Canadian Medical Marijuana and Industrial Hemp company by consolidating fragmented medical marijuana grower facilities and bringing industry expertise to its advisory board.
On Behalf of the Board of Directors
AFFINOR RESOURCES INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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 www.sedar.com. 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.