Wednesday, March 3, 2021
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Elevate Farms Announces Closing of $6.2 Million Equity Financing, The Canadian Business Journal

Elevate Farms Announces Closing of $6
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TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) — Elevate Farms Inc. (“Elevate”, “Elevate Farms” or the “Corporation”) is pleased to ‎announce it has closed a non-brokered ‎ equity offering (“Financing”) for a total of ‎$6,195,905.10 by way of the ‎issuance of 1,424,346 units ‎ (“Units”) of the Corporation at a price of $4.35 per Unit. Each Unit comprised of ‎one common share of the Corporation (“Common Share”) and one common share purchase warrant ‎‎(“Warrant”), each Warrant entitling the holder to acquire one further Common Share at a price of ‎‎$8.70 per Common Share for a period of two years from the date of issue.  ‎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.”     No securities regulatory authority has either approved or disapproved the contents of this news ‎release. This news release does not constitute an offer to sell or the solicitation of an offer to buy, ‎nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in ‎which such offer, solicitation or sale would be unlawful.‎The Units have not been, and will not be, registered under the United States Securities Act of 1933, ‎as amended (“U.S. Securities Act”), or any United States state securities laws, and may not be ‎offered or sold in the United States without registration under the U.S. Securities Act and all ‎applicable state securities laws or compliance with the requirements of an applicable exemption ‎therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy ‎securities in the United States, nor shall there be any sale of these securities in any jurisdiction in ‎which such offer, solicitation or sale would be unlawful.‎ABOUT ELEVATE FARMSElevate 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.  ‎Contact Information:‎Amin Jadavji
Chief Executive Officer
‎Ph: +1 416-804-2896 ‎
Email: ajadavji@elevate.farm
Travis Kanellos
Chief Strategy Officer
Ph: +1 905-580-2388 ‎
Email: tkanellos@elevate.farm                               
This news release is not an offer of securities for sale in the United States. Securities may not be offered ‎‎or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are ‎‎defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities ‎‎Act”)), absent registration or an exemption from registration. The securities offered have not been and ‎‎will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not ‎‎be offered for sale in the United States, except in transactions exempt from registration under the U.S. ‎‎Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell ‎‎or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which ‎‎such offer, solicitation or sale would be unlawful.‎

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