Business
MustGrow Confirms Proceeds of C$1.5 Million from Warrant Exercise
Saskatoon, Saskatchewan--(Newsfile Corp. - January 14, 2021) -   MustGrow Biologics Corp....
About this update from Mustgrow Biologics Corp.
[{"type":"text","content":"MustGrow Confirms Proceeds of C$1.5 Million from Warrant ExerciseSaskatoon, Saskatchewan--(Newsfile Corp. - January 14, 2021) -  MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the \"Company\", \"MustGrow\") is pleased to announce that it has received over C$1.5 million from the exercise of approximately 3.2 million common share purchase warrants at an average weighted exercise price of C$0.48 per share. The Company intends to use the proceeds of the warrant exercise to advance its organic mustard plant-based crop protection technologies and for general working capital purposes. MustGrow has harnessed the mustard seed's natural defense mechanism to control diseases, pests, and weeds with a natural food-grade biopesticide. Post-exercise, the Company now has approximately 40.7 million total common shares outstanding as at Jan. 13, 2021.\"Our shareholders have demonstrated strong support through continued exercise of warrants which further bolsters our cash position to over C$3.1 million,\" commented MustGrow CEO Corey Giasson. \"A portion of the proceeds will be used to accelerate our disruptive pipeline assets, including our ground-breaking field studies in Colombia where we are working to provide a potential solution to combat the banana disease Fusarium wilt TR4.\"Issuance of Options and WarrantsSeparately, MustGrow has issued 50,000 common share options (each an \"Option\") to a recently appointed advisor. Each Option shall entitle the holder to acquire one common share of the Company at a price per common share to be determined according to CSE pricing policy exercisable for a period of 5 years from the date of issuance. All Options and underlying shares are subject to a four month hold period from the date of issuance. The issuance of the Options is subject to the final approval of the CSE.In addition, MustGrow has issued 100,000 common share purchase warrants (each a \"Warrant\") to a MustGrow advisor for continued work on MustGrow's Fusarium wilt TR4 trials in Colombia. Each Warrant shall entitle the holder to acquire one common share of the Company at a price per common share to be determined according to CSE pricing policy exercisable for a period of 24 months from the date of issuance. All Warrants and underlying shares are subject to a four month hold period from the date of issuance. The issuance ...