TORONTO – Elevate Farms Inc., a technology-driven vertically-stacked indoor farming enterprise reported it has closed a non-brokered equity offering for a total of $6,195,905.10 by way of the issuance of 1,424,346 units of the corporation at a price of $4.35 per unit.
The proceeds of the financing, completed with the assistance of Haywood Securities Inc. and Cormark Securities Inc., will be used to expand the corporation’s global team to support Elevate’s continued worldwide expansion as well as the buildout of vertical farming operations in the United States and globally. To date, Elevate has raised equity in excess of $11,000,000 as well as secured project finance of $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: “Elevate Farms is a second generation vertical farming technology platform with industry leading automation, know-how and IP allowing it to produce mass quantities of fresh leafy greens using minimal labour and energy – both areas most vertical farms struggle to achieve. Elevate believes it is among the most advanced farming solutions in the world in terms of both labour per kilogram and electricity per kilogram of production.”
Amin continued: “These funds will allow us to further expand our world class team to successfully support our global rollout strategy. With farms already under construction on two continents in 2021, we are working very closely with leading grocery chains and food service distributors around the world to further expand our international presence. The global pandemic brought food security and fragile supply chains into the spotlight. Which, combined along with increasing climate change pressures, resulted in grocery retailers looking for alternative sourcing strategies. We have provided our partners and customers with a cost efficient solution that is: (i) climate positive (superior to carbon neutral); and (ii) has virtually zero transportation footprint (using a fraction of the resources of traditional farming). We at Elevate believe we are one of the few companies in the world today that can grow food in mass volume and at competitive prices using a fraction of the resources of conventional farming.”
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.
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