Science & Technology
Science and Technology
Science and Technology
Wed, July 22, 2009
Tue, July 21, 2009 AgriMarine Holdings Inc.: AgriMarine Holdings Inc.: Closing of First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2009) - AgriMarine Holdings Inc. (TSX VENTURE:FSH) (the "Company" or "AgriMarine") is pleased to announce that, further to its news release dated July 9, 2009, it has closed the first tranche of a non-brokered private placement consisting of 1,000,000 units (each a "Unit"), at a subscription price of $0.25 per Unit, and for gross proceeds of $250,000 (the "Offering").
Each Unit is comprised of one common share (each a "Share") and one share purchase warrant (each a "Warrant") of the Company, and each Warrant entitles the holder thereof to purchase one additional Share of the Company (each a "Warrant Share") at an exercise price of $0.35 per Warrant Share up to and including July 14, 2011.
All Shares issued pursuant to the Offering and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, will be subject to a four month hold period expiring on November 15, 2009, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
Finder's fees of $20,000 in cash have now been paid and 80,000 finder's warrants have now been issued, subject to the same terms and provisions as the Warrants outlined above, in conjunction with the initial closing of the Offering. Proceeds of the Offering will be used to advance development of the Company's business and for general working capital.
Granting of Options
In addition, the Company is pleased to announce that it has also on this day granted incentive stock options to certain directors, officers and employees of the Company to purchase up to an aggregate of 2,225,000 common shares in the capital stock of the Company pursuant to the Company's existing shareholder approved Stock Option Plan. The options are fully vested and exercisable on or before July 21, 2014 at an exercise price of $0.20 per option common share in each such instance.
About AgriMarine Holdings Inc.
AgriMarine Holdings Inc., through its wholly owned subsidiary, AgriMarine Industries Inc., has developed proprietary technology for the rearing of salmon and other finfish in floating solid wall closed containment systems that allows for total control of the rearing water environment. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices worldwide and permits the installation of fish production systems in close proximity to consumer markets. Through AgriMarine Industries Inc.'s Asian subsidiary, Benxi Agrimarine, the first commercial tank farm is currently being installed in China to produce large steelhead trout. The Company is also examining applications of its technology for tuna and other warm water species.
Forward-Looking Information
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
