Press Release for Warrant resultsWell that did not take long.
BELO HORIZONTE, Brazil, March 15, 2021 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) ("Verde” or the “Company”) is pleased to announce that it has received net proceeds of $1,410,057 from the exercise of 1,410,057 Warrants issued pursuant to the private placement completed on March 12, 2019 (the “Warrants”) from a total of sixteen investors. Of these, three were Company insiders.
The Warrants were part of a fundraising exercise that raised $1,692,068. On that occasion, Mr Cristiano Veloso, Verde's President & CEO, was the lead investor, which gave greater comfort to many of the subscribers. That offering was made available to any accredited investor who wished to participate and was completed without broker involvement or fees, despite the market challenges of that period.
The Warrants' expiry was on March 12, 2021 and its exercise price was $1.00 per share.
The insider investors who exercised their Warrants were Mr Cristiano Veloso ($456,208), Mr Felipe Paolucci ($83,333) and Mr Michael St Aldwyn ($41,666).
“The Warrants exercise by all investors demonstrates the continued support of the Company’s shareholders, recognizing the vision and long-term value that Verde is creating. Recent sales results, disclosed on March 01, 2021, showing a 103% growth for the year ended December 31, 2020 (“FY 2020”) compared to the year ended December 31, 2019, are an indication of this positive and accelerating market success”, said Mr Cristiano Veloso, Verde's founder, President & CEO.
The Company intends to use proceeds from the Warrants exercised to advance its growth strategy, including CAPEX for the development of its mining and processing facilities and general working cashflow purposes.
Audited financial results for the fourth quarter (“Q4 2020”) and FY 2020 will be reported and filed on SEDAR on March 30, 2021.
Yes, it looks like a 100% participation - who would have guessed?