Deveron Announces Private Placement of Convertible Debentures

Rhea-AI Summary

Deveron Corp. announces $2 million private placement of convertible debentures at $1,000 per Debenture. Proceeds to refinance promissory note and for working capital. Debentures mature in 3 years with 9% interest rate. Conversion price set at $0.42 per Common Share.

Positive

• Private placement provides additional funding for Deveron Corp. to refinance debt and support working capital.
• Potential for conversion of outstanding principal amount into Common Shares at a conversion price of $0.42 per Common Share.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - September 25, 2023) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture service and data company in North America, announced today a non-brokered private placement of $2 million in unsecured convertible debentures (each, a "Debenture") at a price of $1,000 per Debenture (the "Offering"), as further detailed below. The Company intends to use the net proceeds from the Offering to refinance the Company's outstanding promissory note and for general working capital.

The Debentures will mature three (3) years following the date of issuance (the "Maturity Date") and will bear interest at an interest rate of nine percent (9%) per annum, payable semi-annually in arrears in cash.

The holder of a Debenture will have the right, from time to time and at any time after first year anniversary of the date of issuance, to the Maturity Date, to convert all or any portion of the outstanding principal amount into common shares (each, a "Common Share") in the capital of the Company, at a conversion price of $0.42 per Common Share (the "Conversion Price"), subject to adjustment as herein provided.

In connection with the Offering, the Company may pay a cash finder's fees of up to 7.0% of the gross proceeds of the Offering and/or may issue up to such number of finder's warrants (each, a "Finder Warrant") equal to 7.0% of the gross proceeds of the Offering divided by the Conversion Price, with each Finder Warrant being exercisable to acquire one Common Share at a price of $0.42 per Common Share until the date that is twelve (12) months from the date of issuance.

The Offering is anticipated to close on or about October 2, 2023, and is subject to customary closing conditions and approvals of applicable securities regulatory authorities, including the Exchange.

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 manage fertilizer, seed, fungicide and other farm inputs better. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres are actively farmed annually.

For more information and to join our community, please visit www.deveron.com/investors or reach us on Twitter @Deveron.

Phil Linton
VP Corporate Development
Deveron Corp.
Plinton@deveron.com
Tel: 647-622-0076

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.

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.sedar.com. 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/181609