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TORONTO, Aug. 27, 2018 /CNW/ - Sagittarius Capital
Corporation (NEX Board: SCX.H) ("Sagittarius" or the
"Company"), a capital pool company, is pleased to provide a
shareholder update regarding its proposed transaction with
Irri-Al-Tal Ltd. ("Irri-Al-Tal" or "IAT").
As previously announced (see press release dated June 27, 2018) the Company is proposing to
complete its qualifying transaction with Irri-Al-Tal.
Pursuant to such transaction the Company will be completing a
public offering of units ("Units") of the Company (the
"Offering") via a prospectus and the Company is pleased to
announce that it filed its preliminary prospectus (the
"Prospectus") in respect of such offering on August 23, 2018. The Prospectus was filed with
the securities regulatory authorities in each of the provinces of
Ontario, British Columbia, and Alberta.
The Offering is being made on a commercially reasonable efforts
agency basis led by Leede Jones Gable Inc. (the "Agent").
The Offering consists of a minimum of 8,000,000 Units and a maximum
of 16,000,000 Units at a price of $0.25 per Unit for gross proceeds of a minimum of
$2,000,000 and a maximum of
$4,000,000. Each Unit is comprised of
one common share of the Company ("Common Shares") and one
half of one common share purchase warrant ("Warrants"). Each
Warrant is exercisable into one Common Share at $0.40 per Common Share for 24 months from the
closing of the Offering (subject to certain conditions).
The Company also granted the Agent an option to offer up to an
additional 15% of the Units (2,400,000 additional Units for gross
proceeds up to $600,000), solely to
cover over-allotments, if any, exercisable in whole or in part, at
any time up to 48 hours prior to the closing of the Offering.
In addition, the Company is also pleased to announce that all
matters were approved at its recent annual and special meeting of
shareholders including the name change and share consolidation that
are conditions to the completion of the transaction with IAT.
About Irri-al-Tal
Irri-Al-Tal is an agriculture technology company that
specializes in providing water irrigation solutions to agricultural
producers. Irri-Al-Tal competes in the global irrigation water
systems market with a focus on developing solutions with commercial
applications in the micro and precision irrigation segments of the
overall market. Irri-Al-Tal was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the
opportunities presented by micro and smart irrigation, while also
making a positive mark on society by making these technologies more
widely available, especially in developing markets such as
Africa and Latin America. Irri-Al-Tal's past projects
include vineyards, water reservoirs, fish farms, sorghum silos,
fresh produce cooling rooms and more, in over 15 countries. For
more information regarding Irri-al-Tal please visit
http://www.irri-altal.com/.
Forward-Looking Statements
Completion of the transaction is subject to a number of
conditions, including but not limited to, TSX Venture Exchange
acceptance. There can be no assurance that the transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
prospectus prepared in connection with the transaction, any
information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be
considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits
of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
This press release contains "forward-looking information", as
such term is defined in applicable Canadian securities legislation.
There can be no assurance that such information will prove to be
accurate or that management's expectations or estimates of future
developments, circumstances or results will materialize.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information in
this press release is made as of the date of this press release,
and each of Sagittarius and Irri-Al-Tal disclaim any intention or
obligation to update or revise such information, except as required
by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Sagittarius Capital Corporation