BELO HORIZONTE, Brazil, March 13, 2019 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (NPK.TO) ("Verde” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing, issuing 2,820,114 units of securities (a “Unit”) at C$0.60 per Unit for total proceeds of C$1,693,067.20 (the “Placement”). Each Unit is comprised of one ordinary share of the Company (an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to purchase an Ordinary Share at an exercise price of C$1.00 until March 12, 2021. Verde previously announced that the Placement would be of a maximum of 1,666,666 Units, but increased the size of the Placement as a result of considerable demand.
The Placement included significant participation by a number of Verde’s officers and directors. President & CEO Cristiano Veloso, who already held 5,533,677 Ordinary Shares, purchased 912,416 Units; CFO Felipe Paolucci purchased 166,667 Units; and Director Michael St Aldwyn, who already held 32,340 Ordinary Shares, purchased 83,333 Units.
No commissions or compensation warrants have been paid or issued in connection with the Placement.
Commenting, President & CEO Cristiano Veloso, stated: “Verde will apply the raised funds as working capital to expedite its market growth. We are thankful to our new and existing shareholders for their continued support.”
About Verde AgriTech
Verde promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which Verde intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
Neither the Unit Securities nor the Warrant Shares have been or will be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy Unit Securities or Warrant Shares in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: email@example.com
Cautionary Language and Forward-Looking Statements
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain "forward looking statements", which include but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding use of proceeds. Forward looking statements can generally be identified by the use of words such as "plans", "expects", or "does not expect" or "is expected", "anticipates" or "does not anticipate", or "believes", "intends", "forecasts", "budget", "scheduled", "estimates" or variations of such words or phrases or state that certain actions, event, or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved". Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by said statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in said statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Verde AgriTech plc” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.