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Verde Agritech arranges private placement to raise up to C$1M

The net proceeds from the placement will be used by the Brazil-focused fertilizer company for general working capital purposes

A map of Brazil
Brazil-focused Verde Agritech says it's working to promote sustainable agriculture

Verde Agritech PLC (TSE:NPK) said Tuesday that it has arranged a non-brokered private placement to raise as much as C$1 million.

The Brazil-focused agricultural fertilizer company said in a statement that it will issue up to 1.66 million units of securities at a price of C$0.60 per unit. Each unit will comprise one ordinary share of the company and one-half share purchase warrant. Each whole warrant will be exercisable to purchase an ordinary share at an exercise price of C$1 until the second anniversary of the closing of the placement. The warrants will be unlisted.

The net proceeds from the placement will be used for general working capital purposes, according to the Belo Horizonte, Brazil-based company. 

READ: Verde Agritech chief says burning sugarcane biomass poses a threat to environment and health

The placement will be open to all existing shareholders who are accredited investors and to non-shareholder accredited investors. The minimum subscription will be for 83,333 units of securities or for C$49,999.80.

Neither the unit securities nor the warrant shares have been or will be registered under the US Securities Act or any state securities laws and may not be offered or sold in the US without registration or an applicable exemption from registration requirements. The placement is expected to close on or about March 8.

Verde Agritech works to promote sustainable and profitable agriculture through the development of its Cerrado Verde Project in Brazil. The Cerrado region, according to the company, is the source of a potassium-rich deposit from which Verde intends to produce products for crop nutrition, crop protection, soil improvement and increased sustainability.

Shares of Verde Agritech slipped 1.5% C$0.65 in Canadian trading and dipped 1% to US$0.51 on the OTC Markets.

Contact Dennis Fitzgerald at [email protected]

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TSX:NPK
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