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Deveron Corp (TSXV: FARM) is a prominent agriculture service and data company in North America. Specializing in helping farmers and large agriculture enterprises optimize yields, reduce costs, and enhance farm outcomes, Deveron employs a digital process utilizing data and insights collected from farms across the region. The company's products provide unbiased interpretation for production decisions, focusing on optimizing input use while offering recommendations on managing fertilizer, seed, fungicide, and other farm inputs efficiently. With a vast network of data technicians collecting a variety of farm data, Deveron has built a foundation of best-in-class data layers. Operating primarily in the US and Canada where 1 billion acres are farmed annually, Deveron aims to deliver innovative solutions to the agriculture sector.
Deveron Corp. (TSXV: FARM) announces an expected delay in filing its Annual Filings for the financial year ended June 30, 2024, due by October 28, 2024. The Ontario Securities Commission (OSC) denied the company's application for a voluntary management cease trade order and will impose a failure-to-file cease trade order (FFCTO) shortly after the deadline.
The delay is attributed to additional expenses and financing delays caused by a shareholder requisition for an annual and special meeting. Deveron expects to remedy the default within two months. The company reminds shareholders to vote at the upcoming annual and special meeting on October 25, 2024, where important matters will be addressed, including director elections, stock option plan approval, and a proposed share consolidation.
Deveron Corp. (TSXV: FARM), a leading agriculture services and data company in North America, has announced the closing of a debt settlement. The company has settled an outstanding promissory note of $400,000 through the issuance of 5,714,285 Units. Each Unit consists of one common share and one-half of one whole Common Share purchase warrant. Each whole warrant allows the holder to acquire one Common Share at $0.10 per share within 18 months from the issuance date.
The securities issued in this Debt Settlement are subject to a four-month plus one day hold period from the issuance date and applicable resale rules. The company clarifies that this press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, as the securities have not been registered under the U.S. Securities Act or state securities laws.
Deveron Corp. (TSXV: FARM) has announced the filing of its management information circular and related materials on SEDAR+ for the upcoming annual and special meeting scheduled for October 25, 2024. At the meeting, shareholders will be asked to vote on a proposal to consolidate the company's common shares on a basis of up to 5:1. The consolidation is subject to approval from the TSX Venture Exchange, securities regulatory authorities, and shareholders.
The circular includes the Statement of Executive Compensation for the stub period ended June 30, 2023, December 31, 2022, and the fiscal year ended June 30, 2024. This inclusion is a result of a routine continuous disclosure review by the Ontario Securities Commission staff and aims to correct an omission from the company's previous continuous disclosure materials.
Deveron Corp. (TSXV: FARM), a leading agriculture services and data company in North America, has announced changes to its Board of Directors. Bill Linton, Chris Irwin, Joelle Faulkner, and Tim Close have resigned as directors, following the satisfaction of conditions precedent to a settlement agreement dated August 14, 2024. The company has appointed Ron Patterson and Albert Contardi as new directors, with Ron Patterson also taking on the role of Chair of the board.
The board now consists of five directors: Ron Patterson, Albert Contardi, David MacMillan, Roger Dent, and Greg Patterson. Despite these changes, Deveron's annual and special shareholder meeting is still scheduled for October 25, 2024, where shareholders will vote on the election of directors among other matters.
Deveron Corp. (TSXV: FARM) has completed the final tranche of its non-brokered private placement, issuing 21,991,300 units at $0.07 per unit for gross proceeds of $1,539,391. In total, the company raised $3,135,810.37 through two tranches, issuing 44,797,291 units. Each unit comprises one common share and half a warrant, with each full warrant allowing the purchase of one common share at $0.10 for 18 months.
The company paid Canaccord Genuity Corp. $100,060.42 and issued 1,429,430 broker warrants. Deveron also plans to settle a $400,000 promissory note through a debt settlement, issuing 5,714,285 units, subject to regulatory approval. Proceeds will be used for working capital and partial repayment of promissory notes.
Deveron Corp. (TSXV: FARM) has completed the first tranche of its non-brokered private placement, issuing 22,805,991 units at $0.07 per unit for gross proceeds of $1,596,419.37. Each unit consists of one common share and half a warrant, with each whole warrant allowing the purchase of one common share at $0.10 for 18 months. The company paid $35,749.99 to StephenAvenue Securities Inc. and issued 510,713 broker warrants. Insiders acquired 7,590,709 units, constituting a related party transaction. Proceeds will be used for working capital and partial repayment of promissory notes. The offering was approved by independent board members and complies with TSX Venture Exchange and MI 61-101 regulations.
Deveron Corp. (TSXV: FARM) has reached a settlement agreement with Greg Patterson and other parties following a shareholder meeting requisition. The agreement includes:
1. A private placement offering of up to CAD$3,000,000 (with potential upsizing) at $0.07 per unit.
2. Withdrawal of the requisition and standstill covenants.
3. Extension of promissory notes repayment by 30 months.
4. Board restructuring with Greg Patterson gaining nomination rights.
5. Reimbursement of fees to Greg Patterson.
The agreement aims to refocus efforts on the business, with Deveron positioning itself as a leading testing services provider in North America's agriculture and food sector.
Deveron Corp., a leading agriculture services and data company in North America, has received a notice of requisition for an annual and special meeting of shareholders. The requisition, delivered on June 21, 2024, by 2736130 Ontario Inc., a controlled by Greg Patterson, a director of Deveron, requires the company to call and hold a shareholders' meeting per section 105(1) of the Business Corporations Act (Ontario). The meeting's agenda includes receiving and considering the audited financial statements for the year ending June 30, 2023, appointing Grant Thornton LLP as auditors, re-approving the company's rolling stock option plan, and making changes to the Board of Directors. Deveron is reviewing the requisition and will respond within the legally mandated timeframe.
Deveron Corp. (TSXV: FARM), a North American agriculture services and data company, has completed a debt settlement involving $701,050 of its 7.0% unsecured convertible debentures. This debt settlement covers the accrued interest for the second year of the debentures.
To settle the debt, Deveron issued 6,146,341 common shares at a price of $0.11406 per share. All securities issued are subject to a statutory hold period of four months plus a day.
This completion follows previous announcements on May 10, 2022, May 18, 2022, and May 28, 2024.
Deveron Corp. (TSXV: FARM) reported its fiscal Q3 2024 results, highlighting key financial improvements. Non-IFRS EBITDA loss for the quarter improved by 57% YoY to $1.45M from $3.38M. Adjusted EBITDA for the nine-month period surged by 674% YoY to $3.27M. Quarterly gross revenue saw a modest 2% rise to $5.45M, while nine-month revenue grew by 3% to $28.48M. Operating expenses were reduced by 15% YoY to $4.28M due to cost optimizations. The company's focus on profitability led to a significant reduction in net losses and improved EBITDA margins. Two new enterprise contracts are expected to bring in $2.5M in sales in 2024.
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