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

Rhea-AI Summary

Agra Ventures Ltd. (CSE: AGRA, OTCPK: AGFAF) has announced the issuance of 3,079,774 common shares at approximately $0.05 per share as part of a loan interest payment from December 2020. This action is pending final acceptance from the Canadian Securities Exchange and is subject to a four-month and one-day hold period. The company is focused on the cannabis industry, primarily through its 70% ownership of Boundary Bay Cannabis in Canada and its wholly owned subsidiary, Farmako GmbH, which aims to be a leading distributor of medical cannabis in Europe. Agra Ventures possesses a diversified asset portfolio, enhancing its position in the evolving cannabis market.

Positive

• Issuance of 3,079,774 shares at $0.05 per share, providing liquidity.
• 70% ownership of Boundary Bay Cannabis enhances production capacity.
• Expansion through Farmako GmbH positions Agra for growth in Europe.

Negative

• Issuance of new shares may dilute existing shareholder value.

VANCOUVER, British Columbia, April 24, 2023 (GLOBE NEWSWIRE) -- Agra Ventures Ltd. (“AGRA” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF), a company with diversified assets focused on the cannabis industry, announces that its Board of Directors has approved the Company’s issuance of 3,079,774 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 final acceptance from the Canadian Securities Exchange and are 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 with diversified assets focused on the cannabis industry. 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, CEO & Director
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 did Agra Ventures announce on April 24, 2023?

Agra Ventures announced the issuance of 3,079,774 common shares at approximately $0.05 per share as payment for loan interest.

What is the significance of the common shares issuance by Agra Ventures?

The issuance is intended to provide liquidity in response to interest payments on a loan from December 2020.

How might the share issuance affect existing shareholders of AGFAF?

The issuance may dilute the value of existing shares due to the increase in total shares outstanding.

What percentage of Boundary Bay Cannabis does Agra Ventures own?

Agra Ventures owns 70% of Boundary Bay Cannabis.

What markets is Farmako GmbH targeting for growth?

Farmako GmbH is focusing on becoming a leading distributor of medical cannabis in Europe, with operations in Germany and the UK.