Valens GroWorks closes final tranche of $12.38 million financing

    VANCOUVER, Feb. 13, 2018 /CNW/ – Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”), a multi-licenced, vertically integrated provider of cannabis products, is pleased to announce the closing of the second and final tranche (the “Final Tranche”) of its previously announced non-brokered private placement of common shares in the capital of the Company at a price of $1.40 per share (the “Offering”).   Pursuant to the over-subscribed Final Tranche, the Company issued 6,848,817 common shares for gross proceeds of $9,588,344. Certain eligible persons (“Finders”) were paid a cash fee equal to 8% of the proceeds raised from subscribers introduced by such Finders, a portion of such fees which were settled by the issuance of an aggregate of 70,565 common shares to such Finders.   In total the Company raised an aggregate of $12,384,894 pursuant to the over-subscribed Offering, through the issuance of 8,846,353 common shares. The net proceeds of the Offering will be used to fund additional growing and oil extraction capacity at existing facilities, to increase the size of the facilities, and for general corporate purposes.   “This marks the start of one of the most significant advancements to date for Valens,” said Tyler Robson, Valens’ Chief Executive Officer. “The funds will allow for rapid expansion of our current operations and brings us one step closer to becoming a leading producer and processor of cannabis products for both national and international markets.”   All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.   This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.   About Valens GroWorks Corp.   Valens GroWorks Corp. is a multi-licenced, vertically integrated provider of Canadian cannabis products with two wholly-owned subsidiaries located in Kelowna, BC. Subsidiary Valens Agritech has initiated cannabis production, processing and sales under a Health Canada Dealers Licence, which includes a supply agreement with Canopy Growth Corporation (TSX:WEED) under their extensive CraftGrow distribution network. Subsidiary Supra THC Services is a Health Canada licenced cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant Based Medicine Analytics. For more information, please visit, and   On behalf of the Board of Directors, VALENS GROWORKS CORP.   Aphria announces closing of Broken Coast Cannabis acquisition   LEAMINGTON, ON, Feb. 13, 2018 /CNW/ – Aphria Inc. (“Aphria” or the “Company”) (TSX: APH and US OTC: APHQF) today announced that it has closed the previously announced acquisition (the “Transaction”) of Broken Coast Cannabis Inc. (“Broken Coast”), a leading premium cannabis producer located in British Columbia, acquiring 99.86% of all of the issued and outstanding Class A common shares.   The closing was effected pursuant to the terms of a definitive share purchase agreement (the “SPA”) dated the date hereof by and among the Company and the vendors party thereto (collectively, the “Vendors”). Pursuant to the SPA, the Company has acquired the Class A common shares held by the Vendors for an aggregate purchase price of approximately CAN$217 million, subject to customary adjustments. The purchase price has been satisfied by Aphria issuing to the Vendors today an aggregate of 14,373,675 common shares in the capital of the Company.   “We’re excited to complete this transaction and add one of Canada’s most sought after premium brands to our portfolio,” said Vic Neufeld, Chief Executive Officer of Aphria. “Broken Coast brings award-winning production of small-batch, premium-quality “B.C. bud” and a shared focus on production costs and profitability. When combined with Aphria’s experience in scaling and supply chain management, this acquisition firmly establishes our position as a Canadian leader in premium indoor cannabis production.”   Broken Coast operates a fully licensed, purpose-built, indoor cannabis production facility on Vancouver Island. As part of the Transaction, Aphria approved the immediate commencement of Broken Coast’s Phase IV expansion (the “Expansion”), which will increase the facility’s annual capacity from 4,500 kg per year to 10,500 kg per year. The Expansion is anticipated to be completed by late summer 2018, with first product sale occurring in early 2019.   The Expansion will raise Aphria’s forecasted annual production to 230,000 kg, anticipated by February 2019, while also providing Aphria with geographic diversification, a cross-Canada distribution platform, and access to over 40,000 medical patients.   For further details on the Transaction, see the Company’s press release dated January 15, 2018, available on SEDAR at   We Have a Good Thing Growing.   About Aphria   Aphria Inc., one of Canada’s lowest cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ontario, the greenhouse capital of Canada, Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. Aphria is committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders.   CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to internal expectations, estimated margins, expectations relating to the Expansion and the anticipated benefits resulting therefrom, expectations for future growing capacity and costs, and expectations with respect to future production costs. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.   Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.   Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.   SOURCE Aphria Inc.