DuSolo Completes $2.5M Financing
(Thomson Reuters ONE) -
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2017) - NOT FOR DISTRIBUTION
TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
DuSolo Fertilizers Inc., (TSX VENTURE: DSF) ("DuSolo" or "the Company") is
pleased to announce that it has closed the second and final tranche of its non-
brokered private placement ("the Private Placement") announced on May 16, 2017,
bringing the gross proceeds of the Private Placement to $2.57 million.
"We are very encouraged by the strong support we received from our existing
shareholders for this financing, for which we thank them" said Giles Baynham,
Chief Executive Officer. "DuSolo continues to increase its sales of phosphate
Direct Application Natural Fertilizer ("DANF"), and devlop new products for its
customers".
Use of Proceeds
The Company will utilize the funds to continue development of new products
including granulation of its exisiting DANF, exploration of the near-mine high
grade mineralization at the Santiago DANF Project and its medium grade Amaury
concession, and working capital and general corporate costs.
Second Tranche
The second tranche of the Private Placement resulted in the Company receiving
net proceeds of C$1,934,999.97 through the issuance of 64,499,999 common shares
("Common Shares") of the Company at a price of C$0.03 per Common Share (the
"Offering Price").
The Company's two largest shareholders contributed to the Private Placement as
follows: Tembo Capital $1,100,000 and M&G Investment Management $755,000. Tembo
Capital now owns 38.83% of the Company's outstanding Common Shares, and M&G
Investment Management now owns 18.76% of the outstanding Common Shares, having
increased its stake overall in the Company from 14.98% prior to the Private
Placement.
In connection with the Private Placement, the Company paid a finder a finder's
fee of $37,863.90 in cash and 1,262,130 warrants, each warrant entitling the
finder to acquire one Common Share exercisable at the Offering Price for 18
months following closing. No finder's fees were payable in the second tranche.
All securities issued in the second tranche closing are subject to a four-month
hold period expiring on October 27, 2017.
This news release does not constitute an offer to sell or a solicitation of an
offer to sell any of the securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
On behalf of DuSolo Fertilizers Inc.
Giles Baynham, Chief Executive Officer
Forward-looking statements
Certain information contained in this press release constitutes "forward-looking
information", within the meaning of Canadian legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "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" or "will be taken", "occur", "be achieved" or "has the potential to".
Forward looking statements contained in this press release may include
statements regarding the future operating or financial performance of DuSolo
which involve known and unknown risks and uncertainties which may not prove to
be accurate. Actual results and outcomes may differ materially from what is
expressed or forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties surrounding
future expectations. Among those factors which could cause actual results to
differ materially are the following: market conditions and other risk factors
listed from time to time in our reports filed with Canadian securities
regulators on SEDAR at www.sedar.com. The forward-looking statements included in
this press release are made as of the date of this press release and DuSolo
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this press release.
Contact Information
Contacts:
DuSolo Fertilizers Inc.
ir(at)dusolo.com
(604) 484-7112
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DuSolo Fertilizers via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.06.2017 - 00:07 Uhr
Sprache: Deutsch
News-ID 549849
Anzahl Zeichen: 5883
contact information:
Town:
Vancouver, BC
Kategorie:
Business News
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