Agreement inked with Centurion to sell common shares over three years
By Devika Patel
Knoxville, Tenn., June 7 - Maple Leaf Reforestation Inc. said it secured a C$5 million investment agreement with Centurion Private Equity, LLC. Moody Capital was the agent.
Centurion has committed to purchase up to C$5 million of the company's common stock over three years. The shares will be sold at a price derived from calculations that assess the volume-weighted average closing prices of Maple Leaf's shares during a 15-day period following the draw-down notice.
The company may draw the funds in tranches of up to C$500,000.
The investor also will receive C$100,000 of shares as a commitment fee.
Proceeds will be used to fund the company's Inner Mongolia greenhouse expansion and for additional greenhouse expansion efforts, to develop its recently announced initiative to acquire KS Ecology (Canada) Inc.'s Yellowhorn plantations and begin establishing a presence in the bio-diesel industry in both China and Canada.
Maple Leaf is a Calgary, Alta.-based company focused on growing "value-added tree seedlings" in China to help correct their environmental issues.
| Issuer: | Maple Leaf Reforestation Inc.
|
| Issue: | Investment agreement
|
| Amount: | C$5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Agent: | Moody Capital
|
| Investor: | Centurion Private Equity, LLC
|
| Fees: | C$100,000 of shares
|
| Settlement date: | June 7
|
| Stock symbol: | TSX Venture: MPE
|
| Stock price: | C$0.075 at close June 6
|
| Market capitalization: | C$6.82 million
|
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