Both the FS and MD&A represent an amalgamated report concerning both
Q2 Highlights
Proposed Acquisition of
On
Sprout AI is in the business of planning, designing, implementing and supporting vertical automated aeroponic grow habitats designed to operate within high-density urban settings with access to limited power and water.
On
- 50,000,000 common shares of the Company (issued on
June 1, 2021 ). - 10,000,000 performance-based share purchase warrants of the Company (granted on
June 1, 2021 ). Each warrant will entitle the holder to purchase an additional common share of the Company at an exercise price of$0.17 for a period of three years. These warrants vest as follows:- One-third vesting upon the Company realizing
$3,000,000 in total revenue; - One-third vesting upon the Company realizing
$6,000,000 in total revenue; and - One-third vesting upon the Company realizing
$9,000,000 in total revenue.
- One-third vesting upon the Company realizing
The Company will also provide Sprout AI with a refundable bridge financing of
Use of Proceeds Disclosure
In connection with the financing activities during the period ended
Use of Proceeds | Proposed Expenditures | Actual Expenditures (As of |
Short-term capital requirements | ||
Future working capital amount for resulting issuer in connection with the transaction with | | $Nil |
In connection with the financing activities during the period ended
Use of Proceeds | Proposed Expenditures | Actual Expenditures (As of |
Short-term capital requirements (remaining amount) | | $Nil |
| | |
Future working capital amount for resulting issuer in connection with the transaction with | | |
Sprout AI confirms that the above bridge loan and working capital were used for purposes of operations during that period.
Additional details in connection with the Agreement can be found on the Company’s filings on www.sedar.com and specifically, in its final prospectus dated
Other Updates
About Sprout AI
Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical cultivation equipment for indoor vertical farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles independent of geographic climates.
The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.
For more information about Sprout AI, please visit http://sproutai.solutions.
Chief Executive Officer Phone: +011 (507) 6384-8734 E-mail: mainweb@sproutai.solutions |
Investor Relations Contact
Tel: + 1 (289) 231-9026
E-mail: cmckay@sproutai.solutions
Website: http://sproutai.solutions
Address:
Unit 5B, Building 3860
Panama Pacifico,
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE'S REGULATION SERVICES PROVIDER.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company's management regarding the future growth of the Company, its results of operations, performance, business prospects, and opportunities. This news release uses words such as "will," "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company's management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the Order, the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company and anticipated developments in operations of the Company. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties.
Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including: global or national health concerns, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company's growth; liabilities and risks, including environmental liabilities and risks associated with the Company's operations; the Company's ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company's final long form prospectus dated
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Wire Service Contact
InvestorWire (IW)
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com
Source:
2021 GlobeNewswire, Inc., source