Valens GroWorks announces new deal with 1009638 B.C. Ltd.
It’s been an on-fire few weeks for Valens GroWorks (CSE:VGW) (OTCQB: MYMSF), after the cannabis-focused company announced a new deal with 1009638 B.C. Ltd.
According to the company, the transaction included a total of 3,500,000 shares at a price C$2.05 per share between Valens and 1009638 B.C. Ltd.
In a release, Valens said they are an independent buyer in nature as “they are not directly associated with a third party licensed producer. On close of the transaction the seller hereby represents that it continues to be a significant shareholder of the Company and has opted to lock-up the remaining shares they hold in Valens for six months showing its long term commitment to the company,” the company said in a statement.
READ: Valens GroWorks signs multi-year cannabis extraction agreement with Organigram
Valens will lock-up shares for a period of four months upon close of the transaction. AltaCorp Capital Inc. acted as agent in the transaction.
“We are excited to announce the strategic secondary purchase and sale transaction with key institutions and shareholders,” says Tyler Robson, CEO of Valens GroWorks Corp. “We are appreciative of our largest shareholder’s continued commitment to the long term vision and strategy of the company and welcome our new strategic shareholders.”
Shares of Valens were up 3.30% at C$2.38 on Wednesday.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213653/valens-groworks-announces-new-deal-with-1009638-bc-ltd-213653.html
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