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

Rhea-AI Summary

Agra Ventures Ltd. (CSE: AGRA, OTC: AGFAF) announced the issuance of 911,950 common shares to settle a portion of interest on a loan from December 2020. The shares will be issued at approximately $0.05 each and are subject to a hold period of four months and one day. Agra Ventures is focused on the international cannabis industry, with key operations in Canada and Europe, including a major cannabis greenhouse in Delta, BC, and distribution activities through its subsidiary Farmako GmbH in Germany and the UK.

Positive

• Issuance of 911,950 shares valued at approximately $0.05 each to manage debt.
• Ongoing operations in the expanding international cannabis market.

Negative

• Issuing shares at a low price could indicate financial distress.
• Potential dilution of existing shareholders' equity.

VANCOUVER, British Columbia, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Agra Ventures Ltd. (“AGRA” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (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 911,950 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 growth-oriented and diversified company focused on the international cannabis industry. The company is dedicated to the cultivation, distribution and marketing of high-quality cannabis and cannabis-infused products worldwide. Agra Ventures’ primary asset in Canada is Boundary Bay Cannabis located in Delta, BC, which is one of the largest cannabis greenhouse facilities focused 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. 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, Investor Relations
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 recent action did Agra Ventures take regarding its shares?

Agra Ventures issued 911,950 common shares at approximately $0.05 each to settle a portion of interest on a loan.

What is the significance of the share issuance for AGFAF investors?

The share issuance may lead to dilution of existing shareholders' equity, which could impact stock value.

How does this news impact Agra Ventures' financial standing?

Issuing shares at a low price to manage debt could suggest financial challenges for Agra Ventures.

Where does Agra Ventures operate?

Agra Ventures operates mainly in Canada and Europe, focusing on cannabis cultivation and distribution.