PP oversubscribed .. No surprise especially in light of our new found "friends".
Anyhow, not a major upset as the terms are reasonable. Not many PP's get done commission free.
Not sure why Christiano would feel the need to "promote" Palisade ...
Verde Agritech closes $1.81-million financing
2017-07-25 09:17 ET - News Release
Mr. Cristiano Veloso reports
VERDE AGRITECH CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FOR PROCEEDS OF C$1.8 MILLION, INCLUDING C$800,000 INVESTMENT FROM PALISADE GLOBAL INVESTMENTS LTD.
Verde Agritech PLC has closed its previously announced non-brokered private placement financing, issuing 1,727,143 units at $1.05 per unit for total proceeds of $1,813,500. Each unit is comprised of one ordinary share of the Company (an "Ordinary Share") and one Ordinary Share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase an Ordinary Share at an exercise price of C$2.00 for a period of two years, subject to an acceleration provision under which if the 20-day volume weighted average trading price of the Ordinary Shares on the Toronto Stock Exchange (the "TSX") exceeds C$2.20, the Company can accelerate the expiry date of the Warrants by giving notice that the expiry date of the Warrants has been accelerated to 30 days after the notice.
The Ordinary Shares and Warrants comprised in the units, and any Ordinary Shares issued upon exercise of the Warrants, are subject to a four month hold period expiring on November 25, 2017.
No commissions or compensation warrants have been paid or issued in connection with the Placement.
Proceeds of the Placement will be used for general working capital.
Palisade Global Investments Ltd investment and marketing services
Palisade Global Investments is a private merchant banking and investment group with a strong focus on resources. "Since 2013 Verde has focused on research and market development for its new product and proportionally reduced its marketing efforts. The partnership with Palisade marks a new phase when the company will resume a comprehensive communication program with investors and analysts", said Verde's Founder and CEO, Cristiano Veloso.
"With little downside risk left now that Verde Agritech is cash flowing, we are excited to invest knowing all the growth potential in this company. We are also quite impressed in how Verde's management has navigated through the last 5 years of bear market with zero dilution", said Sean Zubick, COO & Partner of Palisade Global Investments Ltd.
Pre-Feasibility Study Update
The study announced on May 23rd is underway and on target for Q4/17 completion.
About Verde Agritech
Verde Agritech promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil's largest agricultural market, is the source of a potassium-rich deposit from which the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
We seek Safe Harbor.
© 2017 Canjex Publishing Ltd. All rights reserved.
|
