Tickers: XCNQ:FFT, PINX:FFRMF
Tags: Medicinal Marijuana
November 13, 2018 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: FFRMF) announces that it has closed on a new investment from a fund of Yorkville Advisors Global, LP ("Yorkville"). Proceeds from the private placement will be used to refinance a previous investment made by Yorkville and to support the continued development of the Company's various projects throughout North America.
"Yorkville continues to be a very supportive partner for our endeavors," comments William Gildea, CEO of Future Farm. "We are both committed to see our investments succeed and to expand the value of our portfolio for shareholders."
Under the terms of the financing, the Company has entered into two Secured Convertible Debentures. One Debenture is in the Principal Amount of US$1,777,155, which refinances the principal and accrued interest on the US$1,660,000 Convertible Debenture entered into with Yorkville in December 2017. The other Debenture is in the principal amount of US$1,340,00, which was paid to the Company in cash net of certain fees and expenses. The new Debentures bear annual interest at 8% and are repayable within 12 months, or convertible into Common Shares of the Company at a price of C$0.255 per share. In connection with the Debenture, the Company has also granted a Warrant Certificate to purchase 3,200,000 Common Shares at a price of C$0.34 per share. The Warrant Certificate expires on November 9, 2021.
For further information, contact Investor Relations at (888) 387-3761 ext. 710.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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