MustGrow Biologics Announces Proposed Private Placement of Units for Approximately $2 Million
MustGrow Biologics (OTCQB: MGROF) has announced a proposed non-brokered private placement to raise approximately $2 million, with an option to increase by an additional $1 million. The placement consists of Units priced at $1,000 each, comprising convertible debentures and warrants. The debentures are convertible to common shares at $1.50 per share and carry an 8% annual interest rate. Each Unit includes 666 warrants exercisable at $1.90 per share.
The company plans to close the placement around January 10, 2025. Proceeds will be used for TerraSante™ inventory production, working capital, and general corporate purposes. The securities will have a four-month hold period and require TSX Venture Exchange approval.
MustGrow Biologics (OTCQB: MGROF) ha annunciato una proposta di collocamento privato non mediato per raccogliere circa 2 milioni di dollari, con un'opzione per aumentare di ulteriori 1 milione di dollari. Il collocamento consiste in unità al prezzo di 1.000 dollari ciascuna, composte da obbligazioni convertibili e warrant. Le obbligazioni sono convertibili in azioni ordinarie a 1,50 dollari per azione e portano un tasso d'interesse annuale dell'8%. Ogni unità include 666 warrant esercitabili a 1,90 dollari per azione.
L'azienda prevede di chiudere il collocamento intorno al 10 gennaio 2025. I proventi saranno utilizzati per la produzione di inventario TerraSante™, capitale circolante e fini aziendali generali. I titoli avranno un periodo di blocco di quattro mesi e richiederanno l'approvazione della Borsa valori TSX Venture.
MustGrow Biologics (OTCQB: MGROF) ha anunciado una propuesta de colocación privada no mediada para recaudar aproximadamente $2 millones, con una opción para aumentar en un millón adicional. La colocación consiste en unidades con un precio de $1,000 cada una, que comprenden debentures convertibles y warrants. Los debentures son convertibles en acciones ordinarias a $1.50 por acción y tienen una tasa de interés anual del 8%. Cada unidad incluye 666 warrants ejercitables a $1.90 por acción.
La empresa planea cerrar la colocación alrededor del 10 de enero de 2025. Los ingresos se utilizarán para la producción de inventario de TerraSante™, capital de trabajo y propósitos corporativos generales. Los valores tendrán un período de retención de cuatro meses y requerirán aprobación de la Bolsa de Valores TSX Venture.
MustGrow Biologics (OTCQB: MGROF)는 약 $2 백만을 모금하기 위한 비중개 개인 배치 제안을 발표했으며, 추가로 1 백만 달러를 증가시킬 수 있는 옵션이 있습니다. 이번 배치는 각각 1,000달러에 가격이 책정된 유닛으로 구성되어 있으며, 전환 가능한 사채와 워런트로 구성됩니다. 사채는 주당 1.50달러에 보통주로 전환 가능하며, 연 이자율은 8%입니다. 각 유닛에는 주당 1.90달러에 행사 가능한 666개의 워런트가 포함되어 있습니다.
회사는 2025년 1월 10일경에 배치를 마무리할 계획입니다. 수익금은 TerraSante™ 재고 생산, 운영 자본 및 일반 기업 목적으로 사용될 것입니다. 증권은 4개월의 보유 기간이 있으며 TSX Venture Exchange의 승인이 필요합니다.
MustGrow Biologics (OTCQB: MGROF) a annoncé une proposition de placement privé sans courtier pour lever environ 2 millions de dollars, avec une option d'augmentation d'un million de dollars supplémentaire. Le placement se compose d'unités au prix de 1 000 dollars chacune, comprenant des débentures convertibles et des bons de souscription. Les débentures sont convertibles en actions ordinaires à 1,50 dollar par action et portent un taux d'intérêt annuel de 8%. Chaque unité comprend 666 bons de souscription exerçables à 1,90 dollar par action.
L'entreprise prévoit de clôturer le placement aux alentours du 10 janvier 2025. Les produits seront utilisés pour la production de l'inventaire TerraSante™, le fonds de roulement et des fins corporatives générales. Les titres auront une période de blocage de quatre mois et nécessiteront l'approbation de la Bourse TSX Venture.
MustGrow Biologics (OTCQB: MGROF) hat eine vorgeschlagene nicht vermittelte Privatplatzierung angekündigt, um etwa 2 Millionen Dollar zu sammeln, mit der Option, um zusätzlich 1 Million Dollar zu erhöhen. Die Platzierung besteht aus Einheiten zum Preis von 1.000 Dollar pro Einheit, die umwandelbare Anleihen und Warrants umfassen. Die Anleihen können in Stammaktien zu 1,50 Dollar pro Aktie umgewandelt werden und haben einen Jahreszinssatz von 8%. Jede Einheit enthält 666 Warrants, die zu 1,90 Dollar pro Aktie ausgeübt werden können.
Das Unternehmen plant, die Platzierung um den 10. Januar 2025 abzuschließen. Die Erlöse werden für die Produktion von TerraSante™-Beständen, Betriebskapital und allgemeine Unternehmenszwecke verwendet. Die Wertpapiere haben eine viermonatige Haltedauer und erfordern die Genehmigung der TSX Venture Exchange.
- Option to increase placement size by additional $1 million
- 8% annual interest rate on debentures provides steady income for investors
- Proceeds directed towards inventory production for TerraSante™
- Potential dilution for existing shareholders through convertible debentures
- Four-month hold period restricts immediate trading of securities
Saskatoon, Saskatchewan--(Newsfile Corp. - December 11, 2024) - MustGrow Biologics Corp. (TSXV: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the "Company" or "MustGrow") is pleased to announce a proposed non-brokered private placement of approximately 2,000 units (each, a "Unit") at a price per Unit of
Each Unit will be comprised of: (i)
If, at any time following the date that is 12 months from the Closing Date, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSXV") is greater than
The Company intends to use the proceeds from the Private Placement for inventory production for TerraSanteTM, working capital and general corporate purposes. The Debentures, the Warrants and any underlying Common Shares will be subject to a four month hold period from the Closing Date. The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSXV. Finder's fees of cash and/or non-transferrable warrants may be paid in connection with the Private Placement in accordance with applicable laws.
This press release does not constitute, and shall not be construed as, an offer to sell or a solicitation of an offer to buy any Units within the United States.
About MustGrow
MustGrow Biologics Corp. ("MustGrow") is an agriculture biotech company developing organic biocontrol and biofertility products by harnessing the natural defense mechanism and organic materials of the mustard plant to sustainably protect the global food supply and help farmers feed the world. MustGrow has a registered and organically certified biofertility product called TerraSanteTM in key US-states including California. Registrations of TerraSanteTM are owned by MustGrow and production and sales of TerraSanteTM have commenced with ramp-up slated to begin in 2025 and 2026. Commercialization is also occurring in biocontrol, with Bayer AG ("Bayer") signing a Commercial Licensing Agreement in December 2023 for the TerraMGTM soil biopesticide in Europe, the Middle East and Africa. MustGrow estimates that Bayer will spend US
Contact Information
Corey Giasson
Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca
MustGrow Forward-Looking Statements
Certain statements included in this news release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: the terms and closing of the Private Placement (including receipt of all necessary approvals, including the approval of the TSXV); and the use of proceeds from the Private Placement. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow's actual results and financial condition to differ materially from those indicated in the forward-looking statements include: successful completion of the Private Placement; the receipt of required corporate and regulatory approvals, including approval by the TSXV; the failure of the Private Placements to result in the anticipated benefits; the ability of the Company to raise additional capital to fund future operations; and those risks described in more detail in MustGrow's Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.
Neither the TSXV, nor their Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release.
© 2024 MustGrow Biologics Corp. All rights reserved.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233286
FAQ
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