Asia Green Biotechnology Corp. obtains funding to continue its research activities


CALGARY, AB / ACCESSWIRE / November 9, 2021 / Asia Green Biotechnology Corp. (“Asia Green” or the “Company”) (CSE: ASIA) announced today that it has entered into and entered into an agreement with a director of the Company to cover certain expenses related to ongoing research activities being conducted or may be initiated by the Company pursuant to the terms of its technology license agreements with InPlanta Biotechnology Ltd. (“InPlanta”), Pathway RX Inc. (“Pathway”) and Swysh Inc. (“Swysh”). The proceeds will be used to facilitate certain research programs that are or can be undertaken jointly with Asia Green’s technology partners, or to advance programs that the Company is developing with its regional and academic partners in Southeast Asia.

The Company will obtain a loan of $ 150,000.00 which will be secured by the granting of a convertible debenture in the name of the lender (the “Debenture”), which is a director and related party. The debenture bears interest at a rate of 12% and is convertible at any time after the date of issue at the option of the lender into common shares of the capital of the Company (the “common shares”) at a price of $ 0.05 per share. ordinary (the “Conversion Price”). The debenture is fully transferable and, after 24 months from the date of issue, if the common shares trade at or above $ 0.25, at the 30-day volume weighted average price of the common shares traded on the CSE, the Company have the right, which may be exercised within 10 business days of the end of the trading period, to require the automatic conversion of the debenture at the conversion price by giving the holder 10 days written notice. working days. The debenture is redeemable on demand with 10 business days notice to the Company in the event of a change of control of the Company.

The subscription proposed by a director of the Company for the offer of debentures and the private placement of shares constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Holders of Minority Securities in Special Transactions, and stock market policies. For such participation, the company will rely on exemptions from the formal valuation and minority shareholder approval requirements in accordance with sections 5.5 (b) and 5.7 (1) (a), respectively, of MI 61-101 on the basis that the company is is not listed on a specific stock exchange and that, at the time the bids are agreed, neither the fair market value of the item nor the fair market value of the consideration for the transaction in the insofar as it involves an interested party (within the meaning of MI 61-101) in the offers, will exceed 25 percent of the market capitalization of the company calculated in accordance with MI 61-101. No special committee has been established in connection with the offers. The board of directors of the company has approved the bond and share offerings and no materially contrary opinion or abstention has been expressed or made by any director with respect to the bond or share offer. (other than director forbearance required under the Corporations Act (Alberta)). The material change report to be filed in connection with the Offering of Debentures and Shares will not be filed at least 21 days prior to the completion of the Offering of Debentures and Shares as required by NI 61-101. The Company believes that this shorter period is reasonable and necessary in the circumstances, as the completion of the Debenture Offering will occur shortly before the issuance of this press release and the filing of such material change report.

About Asia Green:

Asia Green is an international start-up biotechnology company focused on the development, evaluation, testing, application and ultimately providing to market proprietary organic hybridization technology and select products. derived from this technology. The company’s primary approach centers on planting, growing and harvesting new and valuable strains of hemp and related crops in commercial quantities under the terms of license agreements with InPlanta, Swysh and Pathway.

For more information, contact:

David Pinkman
Chief Executive Officer
(403) 863-6034

The Company does not claim, expressly or implicitly, that a product manufactured in accordance with the terms of its license agreements has the ability to eliminate, cure or contain Covid-19 (or Coronovirus SARS-2), migraines or any other medical condition. right now.

Neither CSE nor its regulatory services provider (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: Asia Green Biotechnology Corp.

See the source version on accesswire.com:
https://www.accesswire.com/672005/Asia-Green-Biotechnology-Corp-Secures-Financing-to-Proceed-with-Research-Activities

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