TORONTO, March 27, 2019 (GLOBE NEWSWIRE) -- SOPerior Fertilizer Corp. (the
“Company”) (TSX:SOP) announces that it has extended (the “Extension”) the termination agreement
previously announced on January 11th, 2019,to conclude its convertible note funding with The Lind Partners
(“Lind”) (see press release of the Company dated January 11, 2019).
Terms of the Extension
- The Company’s obligation to make a one-time release payment (the “Release Payment”) to Lind of $1,165,000
USD is extended from March 1, 2019 to up to June 30, 2019. If the Release Payment is not made by June 30, 2019, it will be
increased by $100,000 USD;
- On the date of the Extension, the Company will issue to Lind: (i) 2,412,050 common shares with an aggregate value of $100,000
USD at a price per common share equal to the five-day volume weighted average trading price of the Company’s common shares on the
Toronto Stock Exchange (“TSX”) immediately prior to the date of issuance; and (ii) warrants to purchase
5,000,000 common shares of the Company at an exercise price of $0.07 CAD per share for a period of 36 months from the date of
issuance (together, the “Security Consideration”); and
- All other terms of the termination agreement dated January 11th, 2019 remain unchanged.
Jeff Easton, Managing Director of Lind stated, “Lind is appreciative of the significant sacrifice and efforts
being made by the SOPerior management team during a difficult period for the company. We are hopefully a successful outcome can be
reached for all stakeholders."
Executive Chairman and Director, R. Bruce Duncan commented, “We are delighted with Lind’s support and
cooperation in reaching an agreement to retire the convertible note allowing SOP to become debt-free and paving the way to advance
off-take discussions and commence negotiations with global project financiers to develop Blawn Mountain
and related infrastructure.”
The Extension was conditionally approved by the TSX on March 22nd, 2019.
On Behalf of the Board of Directors
SOPERIOR FERTILIZER INC.
“R. Bruce Duncan”
Executive Chairman and Director
Contact Information
E-mail inquiries: info@SOPfertilizer.com
P: (416) 362-8640
www.SOPfertilizer.com
FORWARD LOOKING STATEMENTS: This news release contains forward-looking
statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such
forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently
available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and
are subject to risks and uncertainties that may cause future results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the
Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking
statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in
Canada (available at www.sedar.com).
