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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Agritec Systems Inc. | TSXV:AGR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
AgriTec Systems, Inc. (TSX VENTURE:AGR) ("AgriTec" or the "Corporation") is pleased to announce that it has entered into a letter engagement with Wolverton Securities Ltd. ("Wolverton") to act as agent on a commercially reasonable effort basis for the issue of up to 2,000,000 units (the "Units") under a brokered private placement at a price of $1.00 per Unit for gross proceeds of up to $2,000,000, pursuant to exemptions from prospectus requirements. Each Unit shall consist of one preferred share and one non-transferable share purchase Warrant (the "Warrant"). Each preferred share is entitled to receive a cumulative dividend at the rate of 7% per year and is redeemable at the option of the Corporation. Each preferred share is convertible into three common shares of the Corporation at the discretion of the purchaser for a period of five years from the closing date and is subject to an automatic conversion in the event that the ten day weighted average trading price of the Corporation's common shares exceeds US$0.80 per share. Each Warrant will entitle the purchaser to acquire one common share of the Corporation for a period of three years from the closing date at an exercise price of $0.15 per Warrant. Proceeds of the private placement will be used for general working capital purposes for the Corporation. The required documentation is being filed with the TSX Venture Exchange, and completion of the private placement is pending regulatory approval. Wolverton will be paid a cash commission equal to 7% of the gross proceeds of the private placement and will be issued agent's options equal to 10% of the number of Units subscribed for. Wolverton will also be paid a corporate finance fee and will be reimbursed for its expenses associated with the private placement. AgriTec is a Houston, Texas based corporation engaged in the pursuit of "clean tech" business opportunities for the conversion of bio-mass (specifically rice hull ash) into value added commodities, and has been issued a number of world-wide patents in this regard. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "AGR".
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