Future Farm Announces Strategic Financing, Project Development in Puerto Rico and New Corporate Secretary
VANCOUVER, British Columbia, August 10, 2018
VANCOUVER, British Columbia, August 10, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQX: FFRMF) announces that it has closed on a new investment from a fund of Yorkville Advisors Global, LP ("Yorkville"). Proceeds from the private placement will be used to refinance a previous investment made by Yorkville and to support the continued development of the Company's various projects throughout North America.
"Yorkville has proven to be a very supportive partner for our endeavors," comments William Gildea, CEO of Future Farm. "We are both committed to see our investments succeed and to expand the value of our portfolio for shareholders."
In addition to the financing, the Company is pleased to provide an update on operations in Puerto Rico. Three of Future Farm's senior advisers will be onsite next week in Puerto Rico to oversee the development of FFPR, LLC ("FFPR"), which is set up to own and operate five medical dispensaries on the island. Led by Tom Barrette and George Groccia, the team will work with its partners, including Clinica Verde, to design and implement collaborative, operational management processes. Clinica Verde operates four existing Registered Marijuana Dispensaries in Puerto Rico.
Future Farm's finance team will also be onsite to help develop and implement a seamless data analytics process and map out real-time reporting that will be integrated throughout all locations. In addition to data mapping, the team will also focus on selecting the remaining three RMD locations. Once fully established, FFPR's dispensaries will help ensure that the over twenty-thousand registered medical marijuana patients have access to the highest quality care the island has to offer.
In other developments, Belinda Tyldesley has resigned as the Company's Corporate Secretary and will be replaced by attorney Mary C. Butler, effective upon completion of certain required filings.
"Belinda has done superb work for the new management team at Future Farm since we came on board in 2016, so we wish her well and look forward to Kate expanding her role as a key part of the legal team of Future Farm to include being Corporate Secretary," comments William Gildea. "I am also pleased with the progress being made in Puerto Rico and appreciate the contribution that the team will add by traveling there next week."
Under the terms of the financing, the Company entered into a Secured Convertible Debenture in the Principal Amount of US$4,202,423, of which US$3,202,423 refinances the remaining principal and accrued interest on the US$4,000,000 Convertible Debenture entered into with Yorkville in March 2018 and US$1,000,000 will be paid in cash to Future Farm. The new Debenture bears annual interest at 8% and is repayable within 12 months, or convertible into Common Shares of the Company at a price of C$0.20 per share. In connection with the Debenture, the Company has also granted a Warrant Certificate to purchase 13,000,000 Common Shares at a price of C$0.24 per share. The Warrant Certificate expires on August 9, 2021.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
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. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
For further information, contact William Gildea, Director, at +1-617-834-9467
SOURCE Future Farm Technologies Inc.