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.
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.
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