Deveron Announces Closing of First Tranche of Private Placement
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) ha completato la prima tranche della sua collocazione privata non intermediata, emettendo 22.805.991 unità a 0,07 $ per unità per proventi lordi di 1.596.419,37 $. Ogni unità è composta da un'azione comune e da metà di un warrant, con ogni warrant intero che consente l'acquisto di un'azione comune a 0,10 $ per 18 mesi. L'azienda ha pagato 35.749,99 $ a StephenAvenue Securities Inc. e ha emesso 510.713 warrant per broker. Gli insider hanno acquisito 7.590.709 unità, costituendo una transazione tra parti correlate. I proventi saranno utilizzati per il capitale circolante e il parziale rimborso di promissory notes. L'offerta è stata approvata dai membri indipendenti del consiglio e rispetta le normative della TSX Venture Exchange e MI 61-101.
Deveron Corp. (TSXV: FARM) ha completado la primera tranche de su colocación privada no intermediada, emitiendo 22,805,991 unidades a $0.07 por unidad para ingresos brutos de $1,596,419.37. Cada unidad consta de una acción común y medio warrant, con cada warrant completo permitiendo la compra de una acción común a $0.10 durante 18 meses. La empresa pagó $35,749.99 a StephenAvenue Securities Inc. y emitió 510,713 warrants para brokers. Los insiders adquirieron 7,590,709 unidades, constituyendo una transacción entre partes relacionadas. Los ingresos se utilizarán para capital de trabajo y el reembolso parcial de notas promisorios. La oferta fue aprobada por miembros independientes de la junta y cumple con las regulaciones de la Bolsa de Valores de TSX y MI 61-101.
Deveron Corp. (TSXV: FARM)는 비중개 사모금 모집의 첫 번째 분할을 완료하였으며, 22,805,991 유닛을 유닛당 $0.07에 발행하여 총 $1,596,419.37의 수익을 올렸습니다. 각 유닛은 하나의 보통주와 절반의 워런트로 구성되며, 전체 워런트는 18개월 동안 $0.10에 보통주 1주를 구매할 수 있게 합니다. 회사는 StephenAvenue Securities Inc.에 $35,749.99를 지불하고 510,713개의 브로커 워런트를 발행하였습니다. 내부자는 7,590,709 유닛을 인수하였습니다, 이는 관련 당사자 거래를 구성합니다. 수익금은 운전 자본과 약속어음의 부분 상환에 사용될 것입니다. 이 제안은 독립 이사회 구성원에 의해 승인되었으며 TSX 벤처 거래소 및 MI 61-101 규정을 준수합니다.
Deveron Corp. (TSXV: FARM) a complété la première tranche de son placement privé non intermédié, émettant 22.805.991 unités à 0,07 $ par unité pour un produit brut de 1.596.419,37 $. Chaque unité se compose d'une action ordinaire et de la moitié d'un bon de souscription, chaque bon complet permettant d'acheter une action ordinaire à 0,10 $ pendant 18 mois. La société a versé 35.749,99 $ à StephenAvenue Securities Inc. et a émis 510.713 bons de souscription pour courtiers. Les initiés ont acquis 7.590.709 unités, constituant une transaction entre parties liées. Les produits seront utilisés pour le fonds de roulement et le remboursement partiel de billets à ordre. L'offre a été approuvée par des membres indépendants du conseil d'administration et est conforme aux règlements de la TSX Venture Exchange et de la MI 61-101.
Die Deveron Corp. (TSXV: FARM) hat die erste Tranche ihrer nicht vermittelten Privatplatzierung abgeschlossen, indem 22.805.991 Einheiten zu einem Preis von 0,07 $ pro Einheit ausgegeben wurden, was zu einem Bruttoertrag von 1.596.419,37 $ führt. Jede Einheit besteht aus einer Stammaktie und einem halben Warrant, wobei jeder ganze Warrant den Kauf einer Stammaktie zu 0,10 $ für 18 Monate ermöglicht. Das Unternehmen zahlte 35.749,99 $ an StephenAvenue Securities Inc. und gab 510.713 Broker-Warrants aus. Insider erwarben 7.590.709 Einheiten, was eine Transaktion mit verbundenen Parteien darstellt. Die Einnahmen werden für das Betriebskapital und die Teilrückzahlung von Wechselnoten verwendet. Das Angebot wurde von unabhängigen Vorstandsmitgliedern genehmigt und entspricht den Vorschriften der TSX Venture Exchange und MI 61-101.
- Raised $1,596,419.37 in gross proceeds through private placement
- Insiders participated in the offering, acquiring 7,590,709 units
- Proceeds will be used for working capital and partial debt repayment
- Potential dilution for existing shareholders due to new share issuance
- Company in financial difficulty, as indicated by the use of MI 61-101 exemptions
Toronto, Ontario--(Newsfile Corp. - September 4, 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, the Company has completed the first tranche of its non-brokered private placement through the issuance of 22,805,991 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 StephenAvenue Securities Inc. an aggregate of
All securities issued in connection with the Offering 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.
The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as insiders of the Company acquired an aggregate of 7,590,709 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections sections 5.5(g) and 5.7(1)(e) of MI 61-101, as the Company is in financial difficulty and the transaction is designed to improve the financial position of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the closing of the Offering because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Offering and the Company wished to close on an expedited basis in accordance with the settlement agreement announced by the Company on August 15, 2024.
The Offering was approved by the members of the board of directors of the Company who are independent for the purposes of the Offering, being all directors other than Messrs. Dent, Linton and Irwin. No special committee was established in connection with the Offering, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
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.
Philip Linton
VP Corporate Development
plinton@deveron.com
Tel: 647-622-0076
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/222160
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