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Flowr closes on sixth tranche of funding from Terrace Global for its medical cannabis site in Portugal

Under the sixth tranche, Flowr will receive C$1.5 million as part of the equity line and profit share agreement with Terrace Global

The Flowr Corporation - Flowr closes on sixth tranche of funding from Terrace Global for its medical cannabis site in Portugal
The sixth tranche will help fund Flowr's outdoor medical cannabis site in Portugal

The Flowr Corporation (CVE:FLWR) (OTCMKTS:FLWPF) said Tuesday that it has closed a sixth tranche from its C$3 million agreement with Terrace Global Inc (CVE:TRCE) to help fund its outdoor medical cannabis site in Portugal.

The facility in Aljustrel is jointly operated with Terrace Global, a Canadian company focused on the development and acquisition of international cannabis assets.

Under the sixth tranche, Flowr will receive C$1.5 million as part of the equity line and profit share agreement with Terrace Global, which will fund the operations and certain expenditures at Aljustrel in exchange for common shares and warrants in Flowr. Terrace Global is expected to fund at least C$3 million under the agreement.

READ: The Flowr Corporation announces strategic acquisition of Terrace Global in all-stock deal

As part of the sixth tranche, Flowr has issued to Terrace Global 2,884,615 of its shares at $0.52 each and an equal amount of share warrants. Each warrant is exercisable into one full common share of the company at $0.76 apiece for a period of 36 months from October 26, 2020.

The sixth tranche remains subject to the final approval of the TSX Venture Exchange. The securities issued are subject to the customary four-month hold period.

Separately, the company said that its general counsel Andrew Teehan is leaving the firm on October 28 to pursue an opportunity outside the cannabis industry.

In addition, Flowr said it previously granted around 45,000 incentive stock options to independent directors of the company as part of their annual compensation.

The Flowr Corporation is a Toronto-headquartered cannabis company with operations in Canada, Europe, and Australia. Its Canadian operating campus, in Kelowna, British Columbia includes an indoor cultivation facility, an outdoor and greenhouse cultivation site and a R&D facility.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Quick facts: The Flowr Corporation

Price: 0.45 CAD

TSX-V:FLWR
Market: TSX-V
Market Cap: $64.98 m
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Full interview: Flowr announces joint deal to develop outdoor cannabis...

The Flowr Corporation (CVE: FLWR) CEO Vinay Tolia joined Steve Darling from Proactive Vancouver to bring news the company has agreed to an equity line and profit-sharing agreement with Terrace Global for their cannabis project in Portugal. Tolia telling Proactive Terrace Global will fund...

on 15/5/20

2 min read