DuSolo Completes $2.5M Financing
June 26 2017 - 6:07PM
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun
26, 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 second and final tranche of its non-brokered private
placement ("the Private Placement") announced on May 16, 2017,
bringing the gross proceeds of the Private Placement to $2.57
million.
"We are very encouraged by the strong support we
received from our existing shareholders for this financing, for
which we thank them" said Giles Baynham, Chief Executive Officer.
"DuSolo continues to increase its sales of phosphate Direct
Application Natural Fertilizer ("DANF"), and devlop new products
for its customers".
Use of Proceeds
The Company will utilize the funds to continue
development of new products including granulation of its exisiting
DANF, exploration of the near-mine high grade mineralization at the
Santiago DANF Project and its medium grade Amaury concession, and
working capital and general corporate costs.
Second Tranche
The second tranche of the Private Placement
resulted in the Company receiving net proceeds of C$1,934,999.97
through the issuance of 64,499,999 common shares ("Common Shares")
of the Company at a price of C$0.03 per Common Share (the "Offering
Price").
The Company's two largest shareholders contributed
to the Private Placement as follows: Tembo Capital $1,100,000 and
M&G Investment Management $755,000. Tembo Capital now owns
38.83% of the Company's outstanding Common Shares, and M&G
Investment Management now owns 18.76% of the outstanding Common
Shares, having increased its stake overall in the Company from
14.98% prior to the Private Placement.
In connection with the Private Placement, the
Company paid a finder a finder's fee of $37,863.90 in cash and
1,262,130 warrants, each warrant entitling the finder to acquire
one Common Share exercisable at the Offering Price for 18 months
following closing. No finder's fees were payable in the second
tranche.
All securities issued in the second tranche
closing are subject to a four-month hold period expiring on October
27, 2017.
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
Contacts:
DuSolo Fertilizers Inc.
ir@dusolo.com
(604) 484-7112
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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