GRANTS, N.M., Sept. 7, 2022 (GLOBE NEWSWIRE) — Bright Green Corporation BGXX (“Bright Green” or “the Company”), one of the very few companies selected by the US government to manufacture cannabis and cannabis-related products for research, pharmaceutical uses, and legal cultivation under federal and state laws and For Sale Affiliate Export announced today that it has entered into a securities purchase agreement with institutional investors to purchase 9,523,810 common shares and warrants to purchase 9,523,810 common shares at a purchase price of $1.05 per share and warrant . Gross proceeds to the Company from the private placement are expected to be approximately $10.0 million before deducting placement agent fees and other estimated issuing costs.

The warrants are exercisable immediately from the date of issuance at an initial exercise price of $1.05 per share, subject to the adjustments described herein, and expire five years from the date of issuance. Closing of the private placement is expected to occur on September 12, 2022, subject to the satisfaction of certain customary closing conditions set forth in the Securities Purchase Agreement.

EF Hutton, a division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.

The Securities have been offered by way of private placement pursuant to Section 4(a)(2) of the Securities Act, 1933, as amended (the “Act”) and Regulation D promulgated thereunder, and have not been registered under the Act or any applicable state securities laws . Accordingly, the securities may not be offered or sold in the United States except pursuant to a valid registration statement or an applicable exemption from the registration requirements of the Act and applicable state securities laws. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the Securities and Exchange…