GreenStar Agricultural Announces Completion of Third and Final Tranche of Private Placement
06 Fevereiro 2014 - 7:05PM
Marketwired
GreenStar Agricultural Announces Completion of Third and Final
Tranche of Private Placement
TORONTO, ONTARIO--(Marketwired - Feb 6, 2014) - GreenStar
Agricultural Corporation (TSX-VENTURE:GRE) ("GreenStar" or the
"Corporation"), a producer of canned tomato paste, canned peaches,
mandarin oranges and grapes, and a supplier of fresh mandarin
oranges, young bamboo shoots and mature bamboo, is pleased to
announce that on February 6, 2014, it closed the third and final
tranche of the non-brokered private placement first announced on
December 23, 2013, (the "Offering") pursuant to which it issued
56,764 units ("Units") at a price of $0.85 per Unit for gross
proceeds of $48,249.65. Each Unit comprises one common share and
one common share purchase warrant ("Warrant"), with each warrant
entitling the holder to purchase one additional common share of the
Corporation at a price of $1.15 until February 6, 2016. The
Corporation issued a total of 2,261,852 units raising a total of
$1.92 million in all three tranches of the Offering.
A finder's fee of 8% ($2,159.97) was paid to Foundation Markets
Inc. ("Foundation"), an arms length finder with respect to 31,764
Units sold in the third tranche.
All securities issued in the third tranche are subject to a four
month resale restriction period expiring June 7, 2014.
The Corporation intends to use the net proceeds of the Offering
as previously described in the Company's press releases dated
December 23, 2013 and January 6, 2014, January 12, 2014 and January
21, 2014.
GreenStar also wishes to correct certain information in its
press release of January 21, 2014 regarding the second tranche of
the non-brokered private placement closed on January 20, 2014 when
the Corporation sold 561,647 units ("Tranche 2 Units") at a price
of $0.85 per Tranche 2 Unit for gross proceeds of $477,400. Each
Tranche 2 Unit comprises one common share and one common share
purchase warrant, with each warrant entitling the holder to
purchase one additional common share of the Corporation at a price
of $1.15 until January 20, 2016. The Corporation previously
reported that a finder's fee of 8% ($12,240) was paid to an arms
length finder. In fact, three finders participated in the second
tranche, being Foundation, Caldwell Securities Ltd. and an arm's
length individual finder. The finders collectively received
finders' fees of 8% ($13,940) with respect to 205,000 Tranche 2
Units sold in the second tranche. In addition, Foundation and
Caldwell Securities Ltd. collectively received finder's options to
acquire an aggregate of 10,000 Tranche 2 Units (8% of 125,000
Tranche 2 Units sold), exercisable at $0.85 per Tranche 2 Unit
until January 20, 2016. All securities issued to the finders in the
second tranche are subject to a four month resale restriction
period expiring May 21, 2014.
All currency references are in Canadian dollars.
About GreenStar Agricultural Corporation
GreenStar operates two main divisions, agricultural and food
processing. The agricultural division is involved in the
cultivation and harvesting of agricultural products such as fresh
fruit and vegetables, for sale either directly as fresh fruit and
vegetables or canned, and sold overseas and domestically. The food
processing division is primarily involved in the processing of
canned food, which includes canned tomato paste, canned boiled
bamboo shoots, canned oranges, canned peaches and various other
types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the
application of science and technology in production, quality
control and assurance, and business operations and management,
GreenStar has focused on maintaining product and reputational
excellence with a high standard of food quality. Key assets include
a well established management team, modern production facilities,
and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture
Exchange under the symbol "GRE".
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Caution Regarding Forward Looking Information:
Certain statements in this press release may constitute
''forward looking'' statements which involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. When used in this press release, such statements may
use such words as ''may'', ''will'', ''expect'', ''believe'',
''plan'' and other similar terminology. These statements reflect
management's current expectations regarding future events and
operating performance and speak only as of the date of this press
release. Forward looking information in this press release includes
the statement on the expected use of proceeds. These forward
looking statements involve a number of risks and uncertainties.
Some of the factors that could cause actual results to differ
materially from those expressed in or underlying such forward
looking statements are risk of regulatory approval not being
obtained, changes in: international, national and local business
and economic conditions; political or economic instability in the
Corporation's markets; competition; legislation and governmental
regulation; and accounting policies and practices. The foregoing
list of factors is not exhaustive. Please see the Corporation's
annual MD&A dated April 25, 2013, available on www.sedar.com,
for a more detailed description of the risk factors. The
Corporation undertakes no obligation to update publicly or revise
any forward looking information, whether a result of new
information, future results or otherwise, except as required by
law.
GreenStar Agricultural CorporationRobert Macdonald(416) 849
3858rgam36@gmail.comwww.greenstaragricultural.comInvestor Cubed
Inc.(647) 258-3311, (888) 258-3323info@investor3.ca
Greenstar Agricultural Corp (TSXV:GRE)
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