VANCOUVER, British Columbia, June 02, 2023 (GLOBE NEWSWIRE) -- Agra Ventures Ltd. ("AGRA" or the "Company") (CSE: AGRA) (OTCPK: AGFAF), a company with diversified assets focused on the cannabis industry, announces that it will be holding its Annual General and Special Meeting (the "AGM") on July 21, 2023.
On May 30, 2023, the Company announced its intention to proceed with a consolidation (the "Consolidation") of its issued and outstanding voting common shares. The Consolidation is subject to shareholder approval and shareholders will be asked to approve the Consolidation at the Company's AGM. This will change the Consolidation's expected date of completion from on or around June 30, 2023, as previously indicated in the Company's news release dated May 30, 2023, to on or around July 31, 2023.
There are expected to be 159,938,571 voting common shares issued and outstanding as of the record date of June 16, 2023. Shareholders will receive one (1) post-consolidation voting common share for up to twenty-five (25) pre-consolidation voting common shares held by them. On a post-consolidated basis, the Company anticipates that there will be approximately 6,397,543 post-consolidation voting common shares of the Company issued and outstanding. No fractional shares will be issued by the Company under the Consolidation and any fraction will be rounded to the nearest whole number. The Company's CUSIP and ISIN numbers will change upon completion of the Consolidation.
Additionally, the Company is proposing a name change (the "Name Change"). Further details of the Name Change will be provided in a future news release. The Company's symbol "AGRA" is expected to remain the same at this time, but may also change pursuant to the Name Change and subject to the availability of a stock symbol that is appropriate in relation to the Name Change.
Upon receipt of shareholder approval, the Consolidation and Name Change will also be subject to acceptance by the Canadian Securities Exchange ("CSE"). Notwithstanding shareholder approval, the Board of Directors may, in their sole discretion, revoke the resolutions approving the share consolidation and change of corporate name at any time prior to their implementation.
Shareholders of record on June 16, 2023 are entitled to vote at the AGM and will receive management's information circular and related materials which will also be available under the Company's profile at www.sedar.com in due course.
About Agra Ventures Ltd.
Agra Ventures is a company with diversified assets focused on the cannabis industry. Agra Ventures' primary asset in Canada is its 70% ownership of Boundary Bay Cannabis located in Delta, BC. Abroad, the company's wholly owned subsidiary, Farmako GmbH, is focused on becoming Europe's leading distributor of medical cannabis as well as its proprietary CBD and THC test kits. Farmako currently has active product distribution operations in Germany and is fully licensed in the United Kingdom.
ON BEHALF OF THE BOARD OF DIRECTORS
Nick Kuzyk, CEO & Director
T: (800) 783-6056
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan" "expect" "project" "intend" "believe" "anticipate" "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including but not limited to delays or uncertainties with regulatory approvals including that of the CSE. There are uncertainties inherent in forward-looking information including factors beyond the Company's control. There are no assurances that the business plans for Agra Ventures described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators which are available at www.sedar.com.
SOURCE: Agra Ventures Ltd.
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