Affinor Plans to Acquire 100% of Private Company in Final Stages of Medical Marijuana Growers Licence Approval
09 May 2014 - 10:46PM
Marketwired
Affinor Plans to Acquire 100% of Private Company in Final Stages of
Medical Marijuana Growers Licence Approval
MONTREAL, CANADA--(Marketwired - May 9, 2014) - Affinor
Resources (CSE:AFI)(PINKSHEETS:RSSFF)(FRANKFURT:1AF)("Affinor" or
the "Corporation) executes plan to acquire a Medical Marijuana
growers license.
Affinor is very pleased to announce it has come to an agreement
to acquire 100% of a private company in the final stage of
obtaining their Medical Marijuana growers licence. The company
located in the Province of British Columbia, owns a fully
functional production facility. The management team of the company
planned for acquisition, are a highly experienced group who will
work directly with Affinor over the next three years to develop
premium strains and optimize the facility to mass-produce ultra
high quality products at the lowest possible price.
Under the terms of the agreement, the company will pay 2.55
million shares to Nick Brusatore who owns 51% of the private
company and 2.65 million shares to additional shareholders owning
the remaining 49% of which only 10% will be issued now and the
balance when an MMPR licence is officially granted to Affinor.
Nick Brusatore being a related party to Affinor within the
meaning of Regulation 61-101 respecting Protection of Minority
Security Holders in Special Transactions (the "Regulation
61-101"). The Issuance will constitute a "related party
transaction" within the meaning of Regulation 61-101. However, the
directors of the Corporation have determined that the exemptions
from formal valuation and minority approval requirements provided
for respectively under subsections 5.5(a) and 5.7(1)(a) of
Regulation 61-101 can be relied on as neither the fair market value
of the securities issued in favour of the related party nor the
fair market value of the consideration paid for these securities
exceed 25% of the Corporation's market capitalization, the board of
directors having acted in good faith with respect to the
determination of fair market value of the transaction concerning
the exemption threshold.
Sebastien Plouffe, President and CEO of Affinor, comments: "This
agreement is an important step in our commitment to championing the
production of Medical Marijuana for value-added projects in Canada.
The acquisition helps demonstrate the strength of our management
team to execute the business plan and get closer to production for
the good of all shareholders".
All securities issued pursuant to the Issuance will be subject
to a hold period ending fourth month a day after their
issuance.
About Affinor Resources
Inc.
Affinor Resources is a diversified publicly traded company on
the Canadian Securities Exchange under the symbol ("AFI"). Affinor
is focused on the Medical Marijuana industry as well as becoming a
producer of other cash crops such as Romaine lettuce and
Strawberries.
On Behalf of the Board of Directors
AFFINOR RESOURCES INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. These statements speak only as of
the date of this News Release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company's disclosure documents which can be found under the
Company's profile on www.sedar.com. This News Release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Sebastien PlouffePresident & CEO (514)
947-2272splouffe@affinorresources.comwww.affinorresources.comSpokespersonVertical
Designs LtdNick Brusatore, CEO(604)
356-0411nbrusatore@gmail.comMomentum PR IncMax Gagne,
President(514) 913-0351mgagnegodbout@momentumpr.ca
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