Deveron Announces Closing of Final Tranche of Private Placement
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) ha completato l'ultima tranche del suo collocamento privato non mediato, emettendo 21.991.300 unità a $0,07 per unità, per un ricavo lordo di $1.539.391. In totale, l'azienda ha raccolto $3.135.810,37 attraverso due tranche, emettendo 44.797.291 unità. Ogni unità comprende un'azione ordinaria e mezzo warrant, con ogni warrant completo che consente l'acquisto di un'azione ordinaria a $0,10 per 18 mesi.
L'azienda ha pagato a Canaccord Genuity Corp. $100.060,42 e ha emesso 1.429.430 warrant da broker. Deveron prevede anche di saldare un promissory note di $400.000 attraverso un accordo di debito, emettendo 5.714.285 unità, soggetto ad approvazione regolamentare. I proventi saranno utilizzati per capitale circolante e parziale rimborso dei promissory notes.
Deveron Corp. (TSXV: FARM) ha completado la última tranche de su colocación privada no mediada, emitiendo 21.991.300 unidades a $0,07 por unidad, con ingresos brutos de $1.539.391. En total, la empresa recaudó $3.135.810,37 a través de dos tranches, emitiendo 44.797.291 unidades. Cada unidad comprende una acción ordinaria y medio warrant, con cada warrant completo que permite la compra de una acción ordinaria a $0,10 durante 18 meses.
La empresa pagó a Canaccord Genuity Corp. $100.060,42 y emitió 1.429.430 warrants de broker. Deveron también planea saldar una nota promisoria de $400.000 a través de un acuerdo de deuda, emitiendo 5.714.285 unidades, sujeto a aprobación regulatoria. Los ingresos se utilizarán para capital operativo y el reembolso parcial de notas promisorias.
Deveron Corp. (TSXV: FARM)는 비중개 민간 배치의 최종 트랜치를 완료했습니다. 유닛당 $0.07로 21,991,300 유닛을 발행하여 총 수익은 $1,539,391입니다. 총 $3,135,810.37이 두 개의 트랜치를 통해 모금되었습니다, 총 44,797,291 유닛이 발행되었습니다. 각 유닛은 하나의 보통주와 반 개의 워런트로 구성되어 있으며, 각 전체 워런트는 18개월 동안 $0.10에 보통주 하나를 구매할 수 있습니다.
회사는 Canaccord Genuity Corp.에 $100,060.42를 지급하고 1,429,430개의 브로커 워런트를 발행했습니다. Deveron은 또한 $400,000의 약속어음을 채무 정산을 통해 해결할 계획이며, 이에 따라 5,714,285개의 유닛이 발행될 예정이며, 이는 규제 승인을 받는 조건입니다. 수익금은 운전 자본과 약속어음의 일부 상환에 사용될 것입니다.
Deveron Corp. (TSXV: FARM) a terminé la dernière tranche de son placement privé non médié, émettant 21.991.300 unités à 0,07 $ par unité pour un produit brut de 1.539.391 $. Au total, l'entreprise a levé 3.135.810,37 $ au cours de deux tranches, émettant 44.797.291 unités. Chaque unité se compose d'une action ordinaire et d'un demi-warrant, chaque warrant complet permettant d'acheter une action ordinaire à 0,10 $ pendant 18 mois.
L'entreprise a versé à Canaccord Genuity Corp. 100.060,42 $ et a émis 1.429.430 warrants de courtier. Deveron prévoit également de régler une note promissoire de 400.000 $ grâce à un règlement de dettes, en émettant 5.714.285 unités, sous réserve de l'approbation réglementaire. Les produits seront utilisés pour le fonds de roulement et le remboursement partiel de notes promissoires.
Deveron Corp. (TSXV: FARM) hat die letzte Tranche seiner nicht vermittelte Privatplatzierung abgeschlossen, indem sie 21.991.300 Einheiten zu $0,07 pro Einheit ausgegeben hat, was einem Bruttoertrag von $1.539.391 entspricht. Insgesamt hat das Unternehmen $3.135.810,37 durch zwei Tranches gesammelt, bei der 44.797.291 Einheiten ausgegeben wurden. Jede Einheit besteht aus einer Stammaktie und einem halben Warrant, wobei jeder vollständige Warrant den Kauf einer Stammaktie zu $0,10 für 18 Monate ermöglicht.
Das Unternehmen zahlte Canaccord Genuity Corp. $100.060,42 und gab 1.429.430 Broker-Warrants aus. Deveron plant auch, eine Promissory Note in Höhe von $400.000 durch einen Schuldenausgleich abzuwickeln und 5.714.285 Einheiten auszugeben, vorbehaltlich der behördlichen Genehmigung. Die Erlöse werden für Betriebskapital und die teilweise Rückzahlung von Promissory Notes verwendet.
- Raised $3,135,810.37 in gross proceeds through private placement
- Potential debt reduction of $400,000 through debt settlement
- Warrants provide potential for additional future capital at $0.10 per share
- Dilution of existing shareholders due to issuance of 44,797,291 new units
- Additional potential dilution from 1,429,430 broker warrants and 5,714,285 units for debt settlement
- Partial use of proceeds for debt repayment rather than growth initiatives
Toronto, Ontario--(Newsfile Corp. - September 16, 2024) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture services and data company in North America, is pleased to announce that further to its press releases of August 15, 2024 and September 4, 2024, the Company has completed the final tranche of its non-brokered private placement through the issuance of 21,991,300 units (the "Units") in the capital of the Company at a price of
Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of
In connection with the Offering, the Company paid Canaccord Genuity Corp. an aggregate of
In addition, further to the Company's press release of August 15, 2024, the Company wishes to announce it intends to settle an outstanding promissory note (the "Note") in the amount of
All securities issued in connection with the Offering and will be issued in connection with the Debt Settlement are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Net proceeds from the Offering will be used for general working capital purposes and for the partial repayment of certain promissory notes.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to better manage fertilizer, seed, fungicide, and other farm inputs. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drones, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres of farmland are actively farmed annually.
For more information and to join our community, please visit www.deveron.com/investors or reach us on Twitter @Deveron.
David MacMillan
Chief Executive Officer
dmacmillan@deveron.com
Tel: 647-963-2429
This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223492
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