VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Affinor Growers Inc. (“Affinor” or the “Company”) (CSE: AFI) (OTCQB: RSSFF) is pleased to announce that it has closed a first tranche of a non-brokered private placement (the “Financing”) with gross proceeds of $124,000.

The financing consists of Units at $0.08 per Unit. Each Unit compromised of one common share and one common share purchase warrant (“Warrant”), each Warrant entitles the holder to purchase one common share of Affinor growers at a price of $0.10 per share for 24 months from the date of issuance.

The Company may pay finders’ fees equal to 8% in cash and 8% finders’ warrants. Each warrant will be exercisable to purchase one common share at a purchase price of $0.10 for a period of 12 months from the date of issuance.

The net proceeds of the private placement will be used for planting/production costs and to help with the launch of the facility in Abbotsford.

Insiders have participated for $100,000 of the private placement.

The Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approvals of the Canadian Securities Exchange (the “CSE”).

All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws. A finder's fee may be paid in connection with the Offering to eligible arm's length finders in accordance with CSE policies and applicable securities laws.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Affinor

Affinor is a publicly traded company listed on the CSE under the symbol "AFI" and on the OTCQB under the symbol “RSSFF”. Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.

To learn more about Affinor, visit: www.affinorgrowers.com

On behalf of the Board of Directors,
Affinor Growers Inc.

Nick Brusatore
Director /CEO
[email protected]

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.