By Devika Patel
Knoxville, Tenn., May 2 - AgriMarine Holdings Inc. said it has raised C$271,000 in the second tranche of a non-brokered private placement of units.
The deal priced April 1 and was increased on April 12 to C$5 million from C$3 million due to investor demand. The company raised C$4.43 million in the first tranche on April 20, when it also announced that the offering had been increased further to C$5.21 million.
The company is selling 26,025,000 units of one common share and one half-share warrant at C$0.20 each. It sold 22.17 million units in the first tranche and 1,355,000 units in this tranche. The whole warrants are exercisable at C$0.30 each for two years.
Proceeds will be used for working capital and 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$5,205,000
|
| Units: | 26,025,000
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | April 1
|
| Upsized: | April 12, April 20
|
| Settlement date: | April 20 (for C$4,434,000), May 2 (for C$271,000)
|
| Stock symbol: | TSX Venture: FSH
|
| Stock price: | C$0.24 at close March 31
|
| Market capitalization: | C$9.21 million
|
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