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

Rhea-AI Summary

Agra Ventures (AGFAF) announced the issuance of 240,420 common shares at approximately $0.12 each to cover part of the quarterly interest payment on a loan from December 2020. This issuance will be subject to a minimum hold period of four months and one day. Agra Ventures focuses on the international cannabis industry, with operations including Boundary Bay Cannabis in Canada and a subsidiary, Farmako GmbH, in Europe, which aims to distribute medical cannabis.

Positive

• Issuance of shares to cover interest payments shows commitment to financial obligations.
• Expansion of operations in Europe through Farmako GmbH enhances market presence.

Negative

• Issuing shares could lead to shareholder dilution.
• Stock price may be pressured due to increased share count.

VANCOUVER, British Columbia, Aug. 11, 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 240,420 common shares (the “Shares”) at a deemed price of approximately $0.12 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 is the recent share issuance by Agra Ventures (AGFAF)?

Agra Ventures announced the issuance of 240,420 common shares at approximately $0.12 each as payment for quarterly interest on a loan.

What is the purpose of the 240,420 shares issued by Agra Ventures (AGFAF)?

The shares issued are to cover part of the quarterly interest payment on a loan the company entered into in December 2020.

How does the share issuance affect Agra Ventures (AGFAF) shareholders?

The issuance of shares could lead to dilution of existing shares, which may impact shareholder value.

What operations does Agra Ventures (AGFAF) have in Europe?

Agra Ventures has a wholly owned subsidiary, Farmako GmbH, focused on distributing medical cannabis in Europe.

When was the loan that Agra Ventures (AGFAF) is servicing taken out?

The loan was entered into in December 2020.