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Bullboard - Stock Discussion Forum AgriMarine Holdings Inc AGMHF

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AgriMarine Holdings Inc > AgriMarine Announces $5,000,000 Loan from Dundee
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Post by kulewater on Apr 22, 2013 11:02pm

AgriMarine Announces $5,000,000 Loan from Dundee

AgriMarine Announces $5,000,000 Loan from Dundee

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) - AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that Dundee Agricultural Corporation ("Dundee") has agreed, subject to the approval of the TSX Venture Exchange (the "Exchange"), to advance a loan in the principal amount of $5,000,000 (the "Loan") to the Company.

The Loan will be evidenced by a convertible note, will bear interest at a rate of 12.68% per annum and will have a term of one year.

Pursuant to the terms of the Loan, the Company is required to complete a consolidation of shares within 90 days. Shareholder approval will be sought for the consolidation of shares at the Annual General Meeting of Shareholders to be held on April 26, 2013. Subject to the approval of the Exchange, Dundee may elect to convert the principal balance of the Loan into common shares of the Company at any time at a price per share equal to (a) prior to the consolidation, $0.10 per share, and (b) following the consolidation, at a price of $0.015 multiplied by the consolidation ratio.

The proceeds of the Loan will be used for the purchase and deployment of further AgriMarine System™ tanks. Proceeds of the Loan will also be used for supporting engineering work, filing of patents related to AgriMarine's IP, working capital and general and administrative expenses.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine has developed innovative aquaculture technology for farming salmon, trout and other high value fin fish species in closed containment. The Company utilizes its solid-walled floating tanks to address sustainability issues in aquaculture, to create an optimal fish rearing environment with added economic and environmental benefits and to meet consumer and retailer demands for sustainable fin fish products. The AgriMarine System can be applied in warm or cold climate conditions, in oceans, reservoirs and lakes.

Comment by kulewater on Apr 22, 2013 11:05pm
Consolidation. Wow. How stupid do they think shareholders are. Lets call a spade a spade here. Yikes.
Comment by alkyd on Apr 22, 2013 11:11pm
the nightmare continues
Comment by mr_curiosity on Apr 23, 2013 1:49am
How come? I think it is a good news! Consider the current situation, I don't think the shareholder has much choices! A loan at least put the company back to business.
Comment by mr_curiosity on Apr 23, 2013 2:42pm
I know what it mean, but without this 5 mil, what can AgriMarine do to get out of the current situation? Without the support from Dundee, the company will bamkrupt soon.
Comment by engrrr23 on Apr 29, 2013 12:14pm
you Alkyd are a serious idiot...so if the company didnt get this financing from dundee you'd be saying its the end for agri marine..now they get money and its a nightmare...its hard right now for many companies on the venture to even get a sniff but what you dont know is the company led by dundee will shift focus to also go after a more domestic market ..Dundee might be taking Agrimarine in a ...more  
Comment by kulewater on Apr 29, 2013 12:18pm
Dundee is a securities company. They aleady invested so much $$ that they would have had to take a significant haircut on top of what they already have lost. DONT FORGET THIS: Dundee has no experience in aquaculture. They are a securities firm. Their core competency is in securities. They are not going to save this company from itself in my opinion.
Comment by engrrr23 on Apr 29, 2013 1:28pm
i appreciate your comments kulewater but we are dealing with a newly formed branch of Dundee corporation ( Dundee agricultural corp) ... i suggest reading up on them and contacting the company ... change is coming!!! e23>
Comment by kulewater on Apr 29, 2013 2:43pm
A rose by any other name is still a rose.. that smells like a fish.  I dont care what they name their branch. Dundee has no experience and business in aquaculture. Its a major miscalculation for them to get this deep with a speculative investment they know virtually nothing about. Bad decisions all around.
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