Proceeds of non-brokered deal will help stock first tank at Middle Bay
By Devika Patel
Knoxville, Tenn., Nov. 29 - AgriMarine Holdings Inc. said Friday that it has completed the first tranche of a non-brokered private placement of units for C$1.4 million. The deal priced for C$1.8 million on Nov. 17 and was increased to C$3 million Nov. 19.
The company is selling 12 million units of one common share and one half-share warrant at C$0.25 each for C$3 million. It sold 5.6 million units in this tranche.
The whole warrants are exercisable at C$0.40 each for two years. The strike price reflects a 37.93% premium to the Nov. 16 closing share price of C$0.29.
Proceeds will be used for stocking the first tank at Middle Bay and for general corporate purposes.
The Vancouver, B.C., company has developed technology for the rearing of salmon and other finfish in floating solid wall closed containment systems that allows for the control of the rearing water environment.
| Issuer: | AgriMarine Holdings Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 12 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
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| Pricing date: | Nov. 17
|
| Upsized: | Nov. 19
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| Settlement date: | Nov. 26 (for C$1.4 million)
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| Stock symbol: | TSX Venture: FSH
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| Stock price: | C$0.28 at close Nov. 17
|
| Market capitalization: | C$19.67 million
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