Proceeds fund tank development, working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., April 28 - AgriMarine Holdings Inc. said it has negotiated a private placement of units to raise C$12 million on a commercially reasonable best-effort basis.
The company will sell units of one common share and one half-share warrant at C$0.35 each. The whole warrants are exercisable at C$0.50 each for three years. The strike price is a 25% premium to the April 27 closing share price of C$0.40.
Canaccord Genuity Corp. and Cormark Securities Inc. are the lead agents.
Proceeds will be used for tank development, 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 allow for the control of the fish-rearing water environment.
| Issuer: | AgriMarine Holdings Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$12 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.50
|
| Agents: | Canaccord Genuity Corp. and Cormark Securities Inc. (leads)
|
| Pricing date: | April 28
|
| Stock symbol: | TSX Venture: FSH
|
| Stock price: | C$0.39 at close April 28
|
| Market capitalization: | C$21.92 million
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