Future Farm and Yorkville Agree to Extend Term of Debentures
Extension illustrates confidence in Company's focus on product manufacturing
Vancouver, British Columbia - TheNewswire - May 21, 2020 - Future Farm Technologies Inc. (the "Company," "Future Farm" or "FFT") (CSE:FFT) (CNSX:FFT.CN) (OTC:FFRMF) is pleased to announce that Yorkville Advisors Global, LP ("Yorkville") recently agreed to extend by six months the due dates of two debentures that were set to expire on May 17, 2020.
"Yorkville continues to be a very supportive partner for our endeavors," says Bill Gildea, Future Farm's CEO. "This extension is a vote of confidence in Future Farm's core strategy of becoming a leading supplier of pharma-grade health and wellness products, including those made from hemp."
With respect to the Company's core health and wellness business, the challenges posed by COVID-19 have increased demand for health and wellness products, for example, hand sanitizer. Future Farm is therefore actively pursuing opportunities to help address needs created by the pandemic with products targeted to that demand.
With respect to the extensions, the Company and Yorkville agreed to amend two Secured Convertible Debentures. One Debenture is in the Principal Amount of US$1,851,163, and the other Debenture is in the principal amount of US$400,000. Both Debentures had due dates of May 17, 2020, or could be converted into Common Shares of the Company at a price of C$0.14 per share. The parties agreed to the due dates of both Debentures to November 17, 2020 and to set the conversion price at C$0.05, which is a premium to the current market price.
For further information, please contact Investor Relations at 888-387-3761 x710 or via email at investor@FutureFarmTech.com.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm Technologies Inc.
Future Farm Technologies is a Canadian public company that is poised to be a leading supplier of pharma-grade health and wellness products, including those made from hemp, to meet the burgeoning demand in the U.S. and global markets.
Future Farm's seasoned management team brings a deep understanding of operations and agriculture with the financial and regulatory expertise needed to become an industry leader in the rapidly growing market for health and wellness products made from hemp and other plants.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There is no guarantee that the Company will be successful in its efforts to further develop its existing hemp operations, or that the Company will be able to raise sufficient capital to execute on its intended business plan and objectives. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.