MustGrow Biologics (CSE: MGRO) (OTCQB: MGROF), an agricultural biotech company developing and commercializing a portfolio of natural, science-based bio-pesticides, today announced it has increased the size of its previously announced non-brokered private placement. On or about December 10, the company expects to close on a total of 10,490,886 units for gross proceeds of C$3,671,810. The private placement consists of units, which are each comprised of one common share and one-half of one common share purchase warrant, at a price of C$0.35 each. Each full warrant entitles the holder to acquire one common share at a price of C$0.50 for a period of 24 months following the close of the private placement. All securities issued are subject to a hold period expiring 4 months and 1 day from the closing date. Per the release, MustGrow advises that some insiders of the company are partaking in the private placement pursuant to available related party exemptions under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Mustgrow plans to use the proceeds to fund research and development, as well as toward working capital and general corporate purposes.
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MustGrow is a publicly traded agricultural biotech company focused on providing natural science-based biological solutions for high value crops, including fruit & vegetable and cannabis cultivation. MustGrow has designed and owns a United States EPA-approved organic solution that uses the mustard seed’s natural defense mechanism to protect plants from pests and diseases. 110 independent tests have been completed, validating MustGrow’s safe and effective signature products. This product, in granule format, is EPA-approved across all key U.S. states as a fertilizer and pesticide (currently limited to fertilizer in California) and is designated by Health Canada’s PMRA (Pest Management Regulatory Agency) as a fruit & vegetable bio-pesticide and fertilizer. MustGrow has now concentrated a liquid format to be applied through standard drip or spray equipment, improving functionality and performance features. In cannabis, MustGrow is currently developing effective, safe and biological solutions that adhere to Health Canada’s strict regulations, including (1) its mustard-derived bio-pesticide to treat soil-borne pests and diseases; and (2) an in-licensed bio-fungicide for powdery mildew. The company has approximately 25.0 million basic common shares issued and outstanding and approximately 36.9 million on a fully diluted basis. For more information, visit the company’s website at www.MustGrow.ca.
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