Elevate Farms Announces Closing of $8,000,000 Equity Financing

TORONTO, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Elevate Farms Inc. ("Elevate", "Elevate Farms" or "Corporation") is pleased to ?announce it has closed a non-brokered convertible debenture offering ("Financing") for a total of ?$8,000,000 by way of the ?issuance of non-interest bearing $1,000 principal amount unsecured convertible debentures ("Debentures") of the Corporation. The ?Debentures are convertible into common shares of Elevate upon maturity, or earlier upon the occurrence ?of certain liquidity events?.?

The proceeds of the Financing, completed with the assistance of Cormark Securities Inc., will be used primarily to bolster global operations to support Elevate's continued worldwide expansion as ?well as the immediate and continuing buildout of vertical farming operations in the United States, New Zealand and, most recently, Germany. To date, Elevate has ?raised equity in excess of $20,000,000 as well as secured project finance of a further $25,000,000. With controlled environmental farming facilities ?in Welland, Ontario, Canada; New ?Jersey, ?USA; and Hamilton, New Zealand ?currently in operation or under construction, ?Elevate Farms looks to use its unique IP and technology platform, including patented ?LED lighting and ?automation within a controlled environment facility, ?to become a major supplier of leafy ?greens produce globally. ?

Amin Jadavji, Elevate Farm's Founder and CEO?, stated: ?"We are extremely proud that, with the Offering currently closed, the entirety of the capital expenditures on all our worldwide contracted build-out facilities are now 100% funded. This now sets us up for the next phase: accelerated growth in the US and globally."

Travis Kanellos, Elevate's Chief Strategy Officer added: "To a large extent, the build-up phase of Elevate is complete. We are now in the global development and growth phase not only on the rollout of facilities and partnerships but on continued capitalization of Elevate. Our focus is and will remain global scale and speed is our principal partner."

No securities regulatory authority has either approved or disapproved the contents of this news ?release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, ?nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in ?which such offer, solicitation or sale would be unlawful.?

The Units have not been, and will not be, registered under the United States Securities Act of 1933, ?as amended ("U.S. Securities Act"), or any United States state securities laws, and may not be ?offered or sold in the United States without registration under the U.S. Securities Act and all ?applicable state securities laws or compliance with the requirements of an applicable exemption ?therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy ?securities in the United States, nor shall there be any sale of these securities in any jurisdiction in ?which such offer, solicitation or sale would be unlawful.?

ABOUT ELEVATE FARMS

Elevate Farms Inc. is a technology-driven vertically-stacked indoor farming ?enterprise focused on mass ?scale and cost ?effective operations with ?patent secured and patent pending technology as well as over ?a decade ?of advanced photobiology research deployed. ?

Contact Information:?

Amin Jadavji
Chief Executive Officer
?Ph: +1 416-804-2896 ?
Email: [email protected]

Travis Kanellos
Chief Strategy Officer
Ph: +1 905-580-2388 ?
Email: [email protected] 

This news release is not an offer of securities for sale in the United States. Securities may not be offered ??or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are ??defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities ??Act")), absent registration or an exemption from registration. The securities offered have not been and ??will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not ??be offered for sale in the United States, except in transactions exempt from registration under the U.S. ??Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell ??or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which ??such offer, solicitation or sale would be unlawful.?