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Flower One Holdings Inc (OTCMKTS: FLOOF) Announces Closing of its Non-Brokered Private Placement



A leading cannabis cultivator and producer Flower One Holdings Inc (OTCMKTS: FLOOF), announced that the company closed its first non-brokered placement. Flower One announced its closing on September 29, 2021, after acquiring gross proceeds of $5 million. Chief Executive Officer of Flower One, Kellen O’Keefe, stated that they are delighted by the support and the confidence shown by an above-market transaction. Since the restructuring, Flowers One has already indicated significant improvements that need to be the facility to assure that they can manufacture the products at the required quality to attain their corporate objectives. Kellen O’Keefe continued that with this closing and current financial position, they now begin to improve and introduce additional automation and anticipate enhancing productivity and profitability.

Private Placement

For a private placement, Flower One issued 50,000,000 units, and each unit consists of one common share in the company’s capital and one common share purchase warrant. Moreover, at the sole discretion, the company reserved an option to increase the size of the private placement by $10 million to an aggregate of $15 million. Flower One intends to use net transactions for facility improvement and general corporate and working capital.

Warrant holders entities to acquire one common share in the company’s capital at an exercise price of $0.25 up to September 27, 2024, any time. Under certain customary events, the closing price of the common shares on the Canadian Securities Exchange transcends $0.29 before the expiry date at any time to the exercise price for 20 trading days. The warrants provided by the company are transferable, subject to written consent.

Flower One Announced Revenue Reports of Second Quarter of 2021

Flower One announced its operating and financial results for the second quarter ended June 30, 2021. The record highlights include Flower One reported revenue of $18.3 million and represented a 37% enhancement over the same prior year. Also, Flower One acquires two of the top three flower brands in Nevada. Adjusted EBITDA loss was $0.6 million compared with Adjusted EBITDA loss of $1.9 million in the same period of the prior year.

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