MustGrow Biologics (CSE: MGRO) (OTCQB: MGROF), an agricultural biotech company developing and commercializing a portfolio of natural, science-based bio-pesticides, today announced closing of its previously disclosed non-brokered private placement. According to the update, MustGrow has closed on an aggregate of 11,139,879 units for gross proceeds of C$3,898,957. The private placement consists of units, with each at a price of C$0.35 and consisting of one common share of the company and one-half of one common share purchase warrant. For a period of 24 months following the closing of the private placement, each full warrant shall entitle the holder to acquire one common share of the company at a price of C$0.50. MustGrow intends to use the proceeds to fund research and development, and for 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 36.1 million basic common shares issued and outstanding. For more information, visit the company’s website at www.MustGrow.ca.
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