Stevia Corp. Announces Entry Into Securities Purchase Agreement and Senior Convertible Note With an Institutional Investor
March 04 2014 - 9:00AM
Marketwired
Stevia Corp. Announces Entry Into Securities Purchase Agreement and
Senior Convertible Note With an Institutional Investor
INDIANAPOLIS, IN--(Marketwired - Mar 4, 2014) - Stevia Corp.
(OTCQB: STEV) ("Stevia Corp" or the "Company"), a farm management
company focused on the economic development of products that
support a healthy lifestyle, including stevia and hemp, is pleased
to announce that effective March 3, 2014 (the "Closing Date"), it
has entered into a definitive securities purchase agreement with an
institutional investor to raise $940,000.
The Purchase Agreement provides that, upon the terms and subject
to the conditions set forth therein, the institutional investor
shall purchase from the Company a senior convertible note with an
initial principal amount of $500,000 (the "Initial Convertible
Note") for a purchase price of $340,000 (a 32% original issue
discount) (the "Initial Purchase Price"), and the Company shall
have the right to require the institutional investor to purchase
from the Company on or prior to the 10th trading day after the
effective date of the Registration Statement (the "Additional
Closing Date") an additional senior convertible note with an
initial principal amount of $600,000 (the "Additional Convertible
Note" and, together with the Initial Convertible Note, the
"Convertible Notes") for a purchase price of $600,000 (the
"Additional Purchase Price"). The original issue discount will be
reduced if the Company meets certain deadlines with regard to
filing and obtaining effectiveness of a registration statement to
register the shares underlying the Convertible Notes.
The Company has agreed to pay certain attorneys' fees and
expenses related to the agreement, plus fees to Garden State
Securities, Inc. for its services in acting as placement agent in
connection with the transaction.
The proceeds from the offering, net of certain fees and
expenses, will be used for working capital to advance the Company's
ability to execute its growth strategy.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such jurisdiction.
Further details of the Company's business, finances, appointments
and agreements can be found as part of the Company's continuous
public disclosure as a reporting issuer under the Securities
Exchange Act of 1934 filed with the Securities and Exchange
Commission's ("SEC") EDGAR database. For more information visit:
www.steviacorp.us.
About Stevia Corp. (OTCQB: STEV) Stevia Corp. is a farm
management company focused on developing high value products
through proprietary plant breeding, excellent agricultural
methodologies and innovative post-harvest techniques. For more
information visit: www.steviacorp.us.
About the Cannabis Industry Sector The cannabis plant has a
history of use dating back thousands of years across many cultures
and the plant produces 483 known compounds which include more than
85 cannabinoids. Various strains of the plant have been selectively
bred for specific purposes. Industrial Cannabis (hemp) is grown
primarily for fiber, seed and seed oils; Medicinal Cannabis is
grown for its constituent cannabinoids as medical therapy to treat
disease or alleviate symptoms; Recreational Cannabis is bred to
produce high levels of tetrahydrocannabinol (THC) for its
psychoactive properties.
In 2004, the United Nations estimated that global consumption of
cannabis indicated that approximately 4% of the adult world
population (162 million people) used cannabis annually, and that
approximately 0.6% (22.5 million) people used cannabis daily.
Food and fiber uses for industrial hemp are growing rapidly and
have increased over 300 percent, to an estimated 25,000 products,
in the past few years. Much of that growth is coming from the
increased sales of hemp food products.
About the Stevia Industry Sector Within two years of the USA
market opening, Nielsen-based retail consumption data indicated
almost $1 billion of retail sales for the sector. In 2010, stevia
products were launched across thirty-five countries and in 38
categories. The World Health Organization (WHO) estimates that
stevia could replace 20-30% of all dietary sweeteners. For more
information visit: www.steviacorp.us.
Notice Regarding Forward-Looking Statements This news release
contains "forward-looking statements" as that term is defined in
Section 27A of the United States Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things,
issuance of securities upon closing of the financing, filing of a
registration statement, contemplated use of proceeds from the
financing, growth plans, business strategy, growth of hemp and
stevia leaf production and growth of the hemp and stevia global
market. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that any beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
any such beliefs, plans, expectations or intentions will prove to
be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact: Investor Relations Email: ir@stevia.co Tel:
+1-888-250-2566 Web: www.steviacorp.us
Stevia (PK) (USOTC:STEV)
Historical Stock Chart
From Oct 2024 to Nov 2024
Stevia (PK) (USOTC:STEV)
Historical Stock Chart
From Nov 2023 to Nov 2024
