AgriMarine Closes First Tranche of Private Placement

December 1, 2010 16:04

AgriMarine Holdings Inc., a leader in floating closed containment technology and production for sustainable aquaculture, is pleased to announce that it has closed the first tranche of the non-brokered private placement (see our news release dated November 19, 2010) consisting of 5.6 million units at a subscription price of $0.25 per Unit, and for gross proceeds of $1.4 million, reports with reference to AgriMarine Holdings Inc.

Each Unit is comprised of one common share (the "Shares") in the capital of the Company and one-half common share purchase warrant.  Each whole warrant (a "Warrant") will entitle the holder to purchase an additional common share at a purchase price of $0.40 for a period of two years from the date of issue.  The warrant expiry may be accelerated at the Company's discretion if the share price of the Company trades at a price equal to or higher than $0.60 for a period of 10 consecutive days.

All Shares issued pursuant to the Offering and any Shares issued in connection with the exercise of any of the Warrants will be subject to a hold period expiring on March 25, 2011, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder's fees of $42,000 in cash are payable and 168,000 finder's warrants are being 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.

What is MEGAFISHNET.COM? is a global fish and seafood marketplace with an emphasis on APPROVED SUPPLIERS from such major sources as China, Russia, Vietnam, Europe, Americas, etc. More details →