Proceeds fund tank development, working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., June 9 - AgriMarine Holdings Inc. said it settled a C$1.41 million second tranche of a C$12 million private placement of units. The deal, which priced April 28, is being conducted on a commercially reasonable best-effort basis. The company raised C$2.37 million on May 25.
The company is selling units of one common share and one half-share warrant at C$0.35 per unit. It sold 6,763,644 units in the first tranche and 4,028,000 units in the second.
The whole warrants are exercisable at C$0.50 each until May 24, 2014. 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 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$12 million
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration dates: | May 24, 2014 (first tranche), June 9, 2014 (second tranche)
|
| Warrant strike price: | C$0.50
|
| Agent: | Canaccord Genuity Corp. and Cormark Securities Inc. (leads)
|
| Pricing date: | April 28
|
| Settlement dates: | May 25 (for C$2,367,275), June 9 (for C$1,409,800)
|
| Stock symbol: | TSX Venture: FSH
|
| Stock price: | C$0.39 at close April 28
|
| Market capitalization: | C$24.97 million
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