Vancouver, British Columbia / May 27, 2019 – AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, announces that, further to its news release of May 3, 2019, it has entered into an amended assignment agreement (the “Amended Agreement”) with Roughrider Capital Corp. (“Roughrider”) dated May 2, 2019, whereby the parties agreed to amend the original assignment agreement dated April 30, 2019 to reduce the purchase price of the optioned shares from €600,000 to €500,000 resulting in a reduced number of common shares of Roughrider (the “Roughrider Shares”) to be issued to the Company, from 3,600,000 Roughrider Shares to 3,010,000 Roughrider Shares at a deemed price of $0.25 per Roughrider Share. The terms of the original option agreement (the “Option Agreement”) are defined below.
Option Agreement:
On April 2, 2019, the Company entered into the Option Agreement with Emmanouil Kaldis, whereby Mr. Kaldis, who is the registered shareholder of 25,000 common shares (the “AgraLeaf Shares”) of AgraLeaf SA (“AgraLeaf”), a company incorporated under the laws of Greece that has as its primary asset a license application for the cultivation and exploitation of Pharmaceutical Cannabis products in the Greek territory, granted the Company an option to purchase the AgraLeaf Shares for €30,000 up until April 2, 2020.
Appointment of Director:
Additionally, the Company is pleased to announce the appointment of Brian O’Neill as a member of the Company’s board of directors, effective immediately.
Mr. O’Neill has been a practicing securities lawyer since 2009 and is a partner at O’Neill Law LLP. Mr. O’Neill represents a number of start up companies and companies that are listed or quoted on the TSX Venture Exchange, Canadian Securities Exchange and U.S. over-the-counter markets. Mr. O’Neill has represented clients in a variety of industries in securities matters including public and private securities offerings, mergers and acquisitions, securities exchange listings, public company reporting requirements and corporate governance. Mr. O’Neill is a licensed to practice law in British Columbia, Nevada and Washington.
About Roughrider
Roughrider Capital Corp. is a Canadian investment company that holds a 70% ownership interest in a licensed medicinal cannabis company in Lesotho where it has commenced development of its cultivation operations. The Company also maintains stable oil production through operations in southeastern Saskatchewan. The Company is focused on adding, creating and increasing value through the acquisition and development of value-added assets across a variety of sectors.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
About AgraFlora Organics International Inc.
AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Brandon Boddy
Chairman & CEO
T: (604) 682-2928
For additional information:
AgraFlora Organics International Inc.
Tim McNulty
E: [email protected] T: (800) 783-6056
For French inquiries:
Remy Scalabrini, Maricom Inc.
E: [email protected]
T: (888) 585-MARI
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 AgraFlora Organics 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.