VANCOUVER, British Columbia, June 9, 2020 – Organic Flower Investments Group Inc. (CSE: SOW)(FWB: 2K6)(OTC: QILFF) (“Organic Flower” or “OFIG” or the “Company”) advises that further to the news release dated May 27, 2020, the aggregate number of AgraFlora Organics International Inc. (“AgraFlora”) common shares to be distributed to shareholders as of May 28,2020 (the “Record Date”) has been reduced from 282,072,834 common shares to 255,549,440 common shares (the “Final Distribution”).
On June 12, 2020, an aggregate of 255,549,440 common shares of Agraflora will be distributed to the shareholders of the Company as of the Record Date, on a pro-rata basis. Canadian shareholders as at the Record Date will be eligible to receive the Final Distribution. Non-resident shareholders will be entitled to receive the Final Distribution, net of any applicable withholding taxes. Organic Flower Shareholders with questions regarding the tax treatment of the Final Distribution should consult with their own tax advisors.
The Company will withhold common shares of AgraFlora equal to 25% of the fair market value of the common shares of AgraFlora on the Distribution Date to satisfy the Non-Canadian Resident Shareholders’ Canadian tax withholding obligation. In order to have the withholding tax rate reduced pursuant to one of Canada’s bilateral tax treaties, the non-Canadian resident shareholder must complete and mail back to the Company a form NR301. Failure to do so will result in the Company withholding at the statutory 25% withholding tax rate. The form may be downloaded at https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/nr301.html. Non-Canadian resident shareholders who hold their shares through a broker should contact their broker directly. They do no need to return a form to the Company. All non-Canadian Resident shareholders are urged to consult their own tax advisors with respect to this matter.
ABOUT ORGANIC FLOWER INVESTMENTS
Organic Flower is an investment company, that specializes in investing into private and public companies engaged in a variety of industries, with a focus in the bio-medical, pharmaceutical, and naturopathic sectors, which may include medical or recreational cannabis. The Company’s investment activities will be primarily focused on enterprises in the legal cannabis space located in Canada. In particular, the investment mandate is focused on high return investment opportunities, the ability to achieve a reasonable rate of capital appreciation and to seek liquidity in our investments.
ON BEHALF OF THE ORGANIC FLOWER INVESTMENTS GROUP INC. BOARD OF DIRECTORS
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Learn more about Organic Flower by visiting our website at: https://powertapcapital.com/
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Notice Regarding Forward Looking Information:
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: political changes in Canada and internationally, future legislative and regulatory developments involving cannabis in Canada and internationally, AgraFlora’s ability to secure distribution channels in international jurisdictions, competition and other risks affecting AgraFlora in particular and the cannabis industry generally. Without limiting the generality of the foregoing, the forward-looking statements herein include, among other things, the ability to develop the Delta Greenhouse Complex and the successful integration of Organic Flower’s unique domestic downstream asset portfolio under the AgraFlora banner.
The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward- looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.