DuSolo Closes First Tranche of Financing
June 01 2017 - 9:10AM
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 1,
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 first tranche of its non-brokered private
placement (the "Private Placement") previously
announced on May 3, 2017.
Giles Baynham, Chief Executive Officer, noted that
"the Company is pleased to close this first tranche, which allows
the Company to continue the expansion of its operations in Brazil.
We have also received commitments to date for an additional $2.0
million, and expect the balance of the financing to be closed by
June 10, 2017. We are very grateful to our existing shareholders
for their strong support."
The first tranche closing consists of a total of
C$631,065 raised through the issuance of 21,035,500 common shares
(the "Common Shares") of the Company at a
price of C$0.03 per Common Share. All Common Shares issued in
connection with the first tranche of the Private Placement will be
subject to a four month hold period expiring on October 1, 2017.
The Company has paid a finder's fee of $37,863.90 in cash and has
issued 1,262,130 finder's warrants, valid for two years, to
purchase a Common Share at $0.03, on the amounts raised in the
first tranche of the Private Placement.
At the Company's annual general meeting on May 18,
2017, the Company's shareholders approved the previously announced
consolidation of the Company's shares on a 10 old for 1 new share
basis. The Company intends to proceed with the consolidation
following the closing of the final tranche of the Private
Placement.
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
- DuSolo Fertilizers Inc.
ir@dusolo.com
(604) 331-9853
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
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