Affinor Resources Inc. (RSSFF: OTC Pink Current) | Affinor

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Affinor Resources Inc. (RSSFF: OTC Pink Current) | Affinor Receives Approval from the CSE on Change of Business and Close Acquisition of Private Company in Final Stages of Medical Marihuana Growers Licence Approval Affinor Receives Approval from the CSE on Change of Business and Close Acquisition of Private Company in Final Stages of Medical Marihuana Growers Licence Approval

Affinor Receives Approval from the CSE on Change of Business and Close Acquisition of Private Company in Final Stages of Medical Marihuana Growers Licence Approval

MONTREAL, CANADA--(Marketwired - May 23, 2014) - Affinor Resources (CSE:AFI)(FRANKFURT:1AF)(PINKSHEETS:RSSFF) ("Affinor" or the "Corporation) obtains approval of its change of business and close its previously announced acquisition of a Medical Marijuana growers.

Affinor is very pleased to announce that it has received conditional approval from the Canadian Securities Exchange (the "CSE") of its fundamental change of business, which has also been overwhelmingly approved by the shareholders of the Corporation at the special meeting held this day, and closed the acquisition of a 100% interest in a private British Columbia company in the final stages of obtaining their Medical Marijuana growers licence (the "New Subsidiary"), previously announced in its May 9, 2014 press release (the "Acquisition").

This approval constitutes the last step of the Corporation plan to change its primary focus from resource exploration to the agriculture, medical marijuana and industrial hemp industries announced on March 25, 2014. The Board of Directors and management of the Corporation believe that it has secured the team, technology and production facility that can allow it to quickly enter those fast and growing industries. Affinor has identified opportunities throughout north America and is poised to capitalize on these opportunities very quickly. The Corporation has filed a new listing statement on the CSE website that provides detailed disclosure of the Corporation's new business and related risk factors.

The Corporation expects that the CSE will publish a bulletin shortly to announce the resumption of trading on May 26, 2014.

In relation with the Acquisition, the Corporation wishes to provide additional disclosure pertaining to the licence application process of its New Subsidiary. At this stage the New Subsidiary has filed its licence (the "Licence") application with Health Canada, which identifies all the proposed personal required under the Marihuana for Medical Purposes Regulations ("MMPR"), all of which were principal and employees of the New Subsidiary prior to the Acquisition. The new subsidiary expects the inspection and approval process to be completed during the next quarter, however there is no specific timeline established at this time. In addition to the general risk factors described in Affinor new listing statement and although the Corporation is confident the New Subsidiary will meet all requirements, it should be noted that there is no guarantee the New Subsidiary will ever obtain a license under the MMPR.

As consideration for the Acquisition, Affinor issued an aggregate of 2,765,000 common shares, of which 2,500,000 were issued to Mr. Nick Brusatore (the "Issuance"), a Related Person, in accordance with the terms of the share exchange agreement dated May 8, 2014. An additional 2,435,000 common shares will be issued upon the issuance of the Licence.

Shareholders also approved the adoption of a new form of articles, including the proposed name change to "Affinor Growers Inc. / Les producteurs Affinor inc.", with an expected effective date of May 30, 2014, the adoption Corporation's new 10% rolling stock option plan and the replacement of its minutes book.

Nick Brusatore being a related party to Affinor within the meaning of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (the " Regulation 61-101 "). The Issuance will constituted a "related party transaction" within the meaning of Regulation 61-101. However, the directors of the Corporation determined that the exemptions from formal valuation and minority approval requirements provided for respectively under subsections 5.5(a) and 5.7(1)(a) of Regulation 61-101 could be relied on as neither the fair market value of the securities issued in favour of the related party nor the fair market value of the consideration paid for these securities exceed 25% of the Corporation's market capitalization, the board of directors having acted in good faith with respect to the determination of fair market value of the transaction concerning the exemption threshold.

All securities issued pursuant to the Acquisition will be subject to a hold period ending September 24, 2014.

About Affinor Resources Inc.

Affinor Resources is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on the Medical Marijuana industry as well as becoming a producer of other cash crops such as Romaine lettuce and Strawberries.

Further information regarding the Corporation can be found on SEDAR at www.SEDAR.com or by visiting our profile on www.CNSX.ca .

On Behalf of the Board of Directors

AFFINOR RESOURCES INC.

Sebastien Plouffe, President & CEO

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

FORWARD LOOKING INFORMATION

This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com . This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact Information
Sebastien Plouffe
President & CEO
(514) 947-2272
splouffe@affinorresources.com
www.affinorresources.com
Contact Information, spokesperson
Vertical Designs Ltd
Nick Brusatore, CEO
(604) 356-0411
nbrusatore@gmail.com
Contact Information
Momentum PR Inc
Max Gagne, President
(514) 913-0351
mgagnegodbout@momentumpr.ca

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Masimo's smartSET™ Revolutionizes Patient Monitoring

Updated Category News Views 11

Breaking Ground in Patient Monitoring Let's dive into the gritty details behind Masimo's latest FDA-nod: the smartSET™ system. This gizmo ain't your ordinary pulse oximeter; it's a next-gen hand-holder for the medical world, poised to ride the AI wave straight into the clinic. They've cracked open a new way for clinicians to peek behind the curtain of patient vitals,...

Continue Reading
LG OLED evo W6: UAE Roadshow Starts with a Bang

Updated Category News Views 15

They've done it again, folks. LG Electronics is out there kicking up a storm with their all-new OLED evo W6 True Wireless Wallpaper TV, and they're bringing the action straight to the UAE's doorsteps. Imagine taking a stroll and stumbling upon this technological marvel at some fancy spot like The Lotus Lounge at Anantara The Palm Dubai Resort. This ain't just a TV, it's a...

Continue Reading
Weifang's Cultural Resurgence: A Global Epigraphy Fest

Updated Category News Views 11

A Historical Meltdown into Global Recognition Welcome to the ride where ancient stones talk and cultural borders vanish. We're diving into the beating heart of Weifang, a place you're probably hearing about now because the town's hosting a packed international media tour. And, for a change, this isn't just another tourist trap; it's a cultural adrenaline shot to the arm,...

Continue Reading
Hyliion Class Action Deadline Nears for Investors

Updated Category News Views 14

Potential Shockwaves for Hyliion Investors Investors are having a showdown with Hyliion (NYSE:HYLN) these days. With the looming October 27, 2026, deadline to jump into a securities class action, it seems Hyliion's latest escapade smells worse than a fish market on a hot day. We’ve got allegations here stronger than your uncle’s morning coffee. Understanding the Legal...

Continue Reading
Voter Events by Valley Community Healthcare Aim to Empower

Updated Category News Views 13

Here's a game-changer for the community. Valley Community Healthcare (VCH) is stepping up, proving that healthcare doesn't just stick to check-ups and prescriptions. It's about the whole shebang—community empowerment included. This October, VCH is hosting two incredible voter events, collaborating with the Los Angeles County Registrar-Recorder's Mobile Voting Program....

Continue Reading
AEVEX Facing Class Action Deadline Amid Stock Turmoil

Updated Category News Views 13

Investors are no strangers to the rough and tumble of stock markets, but things get downright messy when trust is shattered. That's the sorry saga unfolding with AEVEX, where shareholders are feeling the heat after a sharp nosedive in stock value. The clock is ticking to join the class action, and any AEVEX investor worth their salt should pay attention. Unraveling...

Continue Reading
Innventure Faces Major Lawsuit Over Misleading Investors

Updated Category News Views 12

Missteps at Innventure: A Costly Lesson in Investor Trust The stock market is no stranger to drama, but Innventure's saga feels like a page ripped right out of a thriller novel. You’ve got accusations, alleged fabrications, and a swift drop in stock prices that’s left some investors shaking their heads. The company, nestled under the ticker NASDAQ:INV, finds itself...

Continue Reading

Top 5 Most Recently Viewed Articles

Investigation by Kahn Swick & Foti into Akero Therapeutics

Updated Category News Views 78

Kahn Swick & Foti Looks into Akero Therapeutics Kahn Swick & Foti, LLC has begun an investigation into Akero Therapeutics, Inc. (NASDAQ: AKRO), marking a significant event in the biopharmaceutical landscape. This action follows concerns related to the company's latest disclosures and how they might affect shareholders. An Overview of Akero Therapeutics Akero Therapeutics...

Continue Reading
Celebration of L.A. Film School Alumni at the Grammy Awards

Updated Category News Views 112

Celebrating the Success of L.A. Film School Alumni at the Grammy Awards Alumni from The L.A. Film School and L.A. Recording School have made a remarkable difference in the music industry, highlighted by their impressive achievements at the Grammy Awards. This year, they contributed to five Grammy-nominated projects, ultimately leading to eight prestigious wins. One...

Continue Reading
Bankers Insurance Transforms with Sapiens for Enhanced Growth

Updated Category News Views 107

Bankers Insurance Partners with Sapiens for Digital Transformation The specialty commercial carrier aims to enhance its operations by modernizing vital systems through Sapiens, focusing initially on builder's risk and business owner's policy, with plans to introduce additional products. Strategic Growth and Technology Modernization Bankers Insurance Group is embarking on...

Continue Reading
Hanmi Financial Reveals Upcoming Earnings Call Schedule

Updated Category News Views 136

Hanmi Financial Corporation's Upcoming Earnings Announcement Hanmi Financial Corporation (Nasdaq: HAFC), the parent company of Hanmi Bank, is preparing to share its financial results for the second quarter of 2025. This announcement is set to occur after the stock market closes on a Tuesday, on the 22nd of July. Following this release, the management team will engage with...

Continue Reading
Innovative Vehicle Disabling Device Enhances Law Enforcement Safety

Updated Category News Views 189

Transforming Vehicle Apprehension for Law Enforcement In the quest to keep communities safe, an inventive mind has introduced a groundbreaking product designed for police forces: the ROAD BLOCK. The genius behind this creation aimed to establish a method for apprehending thieves that prioritizes safety for both law enforcement officers and innocent civilians. Instead of...

Continue Reading