AgriMarine Holdings Inc. Announces USD12 Million Marketed Private Placement

April 29, 2011 14:13

AgriMarine Holdings Inc., is pleased to announce a private placement of units for gross proceeds of up to USD12million. The Financing will be conducted on a commercially reasonable best effort basis led by Canaccord Genuity Corp. and Cormark Securities Inc, reports with reference to AgriMarine.

Each Unit will be priced at $0.35 and will consist of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at an exercise price $0.50 for a period of 36 months following the closing of the Financing.

The net proceeds from the Financing will be used for tank development, working capital and general corporate purposes.

Finder's fees may be payable in connection with a portion of the private placement, in accordance with TSX Venture Exchange policies. Closing of the Private Placement is scheduled for the week of May 23, 2011, subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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