CAPTIVA VERDE ANNOUNCES PRIVATE PLACEMENT
Captiva Verde Industries Ltd. will proceed with a non-brokered private placement of 8-per-cent unsecured convertible debentures of the company for an aggregate principal amount of up to $5-million (U.S.).
The principal under the debentures will be convertible, at the holder's option, into fully paid and non-assessable units of the company at a conversion price of 30 cents per convertible debenture unit. The debentures will mature three years following the closing of the offering.
Each convertible debenture unit will consist of one common share in the capital of the company plus one-half of one common share purchase warrant. Each whole CD Warrant will entitle the holder to purchase one additional common share in the capital of the company at a price of 40 cents per convertible debenture warrant share for a period of three years from the closing of the offering.
The company may pay a finder's fee on the offering within the amount permitted by the policies of the Canadian Securities Exchange. The offering may be completed in one or more tranches, and the minimum subscription amount if $50,000 (U.S.).
Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The net proceeds from the private placement will be used by the company for its farming plan.
We seek Safe Harbor.