Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that it has closed the convertible loan with Dundee Agricultural Corporation ("Dundee") as previously announced on September 12, 2013 (the "Loan").
The Loan has a principal amount of $10,000,000, matures on September 19, 2014 and bears interest at 12.68% per annum, payable upon maturity. The Loan is guaranteed by AgriMarine Industries Inc.
Subject to the receipt of applicable regulatory approvals, including approval from the TSX Venture Exchange (the "Exchange"), Dundee may elect to convert all or any portion of the principal amount of the Loan into common shares of the Company at a price of $0.23 per share. Accrued interest may be converted, at Dundee's option, into common shares at the prevailing market price as per Exchange policies. The Loan and any common shares issued upon such conversion are subject to a hold period expiring January 21, 2014.
The proceeds from the Loan will be used for: (i) completing the acquisition of West Coast Fishculture (Lois Lake) Ltd. and West Coast Fishculture Ltd. (collectively, "WCFC"), an established steelhead trout producer in British Columbia, as described in the Company's news release of September 6, 2013; (ii) deploying AgriMarine System™ fish rearing tanks; (iii) supporting Benxi AgriMarine Industries in China; and (iv) general and administrative expenses.
No finder's fees were issued in connection with the Loan.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine has developed a proprietary aquaculture technology that facilitates the farming of fish in a more productive and environmentally friendly manner. The Company's mission is to build a global portfolio of fin fish farms that produce "clean" and environmentally sustainable seafood products such as salmon and trout.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.