Funds to be used to expand salmon farming operations in China, Canada
By Marisa Wong
Madison, Wis., Feb. 15 - AgriMarine Holdings Inc. said it will raise up to C$5 million through a non-brokered private placement of units.
The company will sell up to 25 million units at a price of C$0.20 per unit. Each unit will be comprised of one common share and half of one common share purchase warrant.
Each whole warrant will entitle the holder to purchase one common share at an exercise price of C$0.30 for two years from the date of issue. The strike price reflects a 25% premium over AgriMarine's Feb. 14 closing share price of C$0.24.
Proceeds will be used for the expansion of the company's salmon farming operations in China and Canada and for working capital purposes to market the technology internationally.
AgriMarine is a Vancouver, B.C.-based aquaculture technology company that develops, commercializes and licenses proprietary solid-wall closed containment systems for the rearing of finfish.
| Issuer: | AgriMarine Holdings Inc.
|
| Issue: | Units of one common share and half a warrant
|
| Amount: | C$5 million
|
| Units: | 25 million
|
| Price: | C$0.20
|
| Warrants: | For 12.5 million shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
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| Announcement date: | Feb. 15
|
| Stock symbol: | TSX Venture: FSH
|
| Stock price: | C$0.24 at close Feb. 14
|
| Market capitalization: | C$19.91 million
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