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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. ("AgriTec" or the "Corporation") (TSX VENTURE:AGR) is pleased to announce that it closed its previously announced brokered private placement (the "Offering") on December 23, 2010 (the "Closing Date"). Wolverton Securities Ltd. (the "Agent") acted as agent in connection with the Offering. Pursuant to the Offering, the Corporation raised $1,010,000 through the sale of its 1,010,000 units ("Units") at price of $1.00 per Unit. Each Unit consists of one preferred share ("Preferred Share") and one non-transferable common share purchase warrant ("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 Company. Each Preferred Share is convertible into three common shares 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 Company for a period of three years following the Closing Date at an exercise price of $0.15 per Warrant. The Agent was paid a cash commission equal to 7.00% of the gross proceeds raised under the Offering and was reimbursed for its expenses. The Agent was also issued 101,000 non-transferrable options (the "Agent's Options"), each Agent's Option entitling the Agent to purchase one Unit at a price of $1.00 per Unit at any time during the 36 month period following the Closing Date. Proceeds of the Offering will be used for general working capital for the Corporation. 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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