Agra Ventures Issues Shares as Regular Payment of Partial Amount of Interest on Debt

Rhea-AI Summary

Agra Ventures Ltd. (CSE: AGRA, OTC: AGFAF) has approved the issuance of 2,856,449 common shares at approximately $0.05 per share. This issuance is intended to cover part of the quarterly interest on a loan from December 2020. The shares will be subject to a hold period of four months and one day. Agra Ventures focuses on the international cannabis industry, with significant operations in Canada through Boundary Bay Cannabis and a presence in Europe via Farmako GmbH, which is engaged in medical cannabis distribution.

Positive

• Issuance of 2,856,449 shares to manage interest payments may improve cash flow.
• Strong foothold in the cannabis industry with assets in Canada and Europe.

Negative

• Issuing shares may dilute existing shareholder value.
• Dependence on external financing could signal financial instability.

VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Agra Ventures Ltd. (“AGRA” or the “Company”) (CSE: AGRA) (Frankfurt: PU30) (OTCPK: AGFAF), a growth-oriented and diversified company focused on the international cannabis industry, announces that its Board of Directors has approved the Company’s issuance of 2,856,449 common shares (the “Shares”) at a deemed price of approximately $0.05 per Share as payment of the portion of the quarterly amount of interest due in Shares on a loan entered into in December of 2020. All Shares issued will be subject to a minimum hold period of four months and one day from the date of issuance.

About Agra Ventures Ltd.

Agra Ventures is a company focused on the cannabis industry. It is dedicated to the cultivation and sale of high-quality cannabis and cannabis-related products worldwide. Agra Ventures’ primary asset in Canada is its 70% ownership of Boundary Bay Cannabis located in Delta, BC. Boundary Bay Cannabis utilizes part of a large greenhouse complex in order to focus on the cost-optimized cultivation of high-potency cannabis. Abroad, the company’s wholly owned subsidiary, Farmako GmbH, is focused on becoming Europe’s leading distributor of medical cannabis as well as its proprietary CBD and THC test kits. Farmako currently has active product distribution operations in Germany and is fully licensed in the United Kingdom.

For more information about Agra Ventures, please visit www.agraventures.com and its profile page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Nick Kuzyk, Interim CEO
E: ir@agraventures.com
T: (800) 783-6056

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Forward-looking Information Cautionary Statement

Except for statements of historic fact this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan” “expect” “project” “intend” “believe” “anticipate” “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates 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 anticipated in the forward-looking statements including but not limited to delays or uncertainties with regulatory approvals including that of the CSE. There are uncertainties inherent in forward-looking information including factors beyond the Company’s control. There are no assurances that the business plans for Agra Ventures described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators which are available at www.sedar.com.

SOURCE: Agra Ventures Ltd.

FAQ

What is the significance of Agra Ventures' share issuance on January 25, 2023?

The share issuance is part of a strategy to manage interest payments on a past loan, potentially impacting cash flow and shareholder value.

How many shares did Agra Ventures issue on January 25, 2023?

Agra Ventures issued 2,856,449 common shares at approximately $0.05 each.

What are Agra Ventures' primary operations?

Agra Ventures operates primarily in the cannabis industry, including cultivation and distribution in Canada and Europe.