Deveron Announces Completion of Debt Settlement

Rhea-AI Summary

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.

Positive

• Completion of debt settlement involving $701,050.
• Issued 6,146,341 common shares at $0.11406 per share.

Negative

• Debt settlement resulted in shareholder dilution.
• All issued securities are subject to a hold period of four months plus a day.

Toronto, Ontario--(Newsfile Corp. - June 21, 2024) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture services and data company in North America, is pleased announce that, further to its press releases of May 10th, 2022, May 18th, 2022 and May 28, 2024, it has settled an aggregate of $701,050 of indebtedness owed to the holders of the 7.0% unsecured convertible debentures (each, a "Debenture"), representing the accrued interest for the second year of the Debentures (the "Debt Settlement"). In connection with the Debt Settlement, the Company issued an aggregate of 6,146,341 common shares (each, a "Common Share") in the capital of the Company, at a price of $0.11406 per Common Share. All securities issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

Neither 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/213933

FAQ

What was the total debt settled by Deveron Corp. (DVRNF) in June 2024?

Deveron Corp. settled a total debt of $701,050 in June 2024.

How many common shares did Deveron (DVRNF) issue for the debt settlement?

Deveron issued 6,146,341 common shares for the debt settlement.

What was the price per share Deveron (DVRNF) used for the debt settlement?

The price per share used for the debt settlement was $0.11406.

What is the hold period for the securities issued by Deveron (DVRNF) in the debt settlement?

The securities issued are subject to a statutory hold period of four months plus a day.

What is the interest rate on Deveron's (DVRNF) unsecured convertible debentures involved in the settlement?

The interest rate on the unsecured convertible debentures is 7.0%.