Dusolo completes financing
Published by Angharad Lock,
Digital Assistant Editor
"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 Fertilizers Inc. has announced that it has closed the second and final tranche of its non-brokered private placement announced on 19 April 2016, bringing the gross proceeds of the Private Placement to the maximum amount of $3.5 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 is now in a financial position where it can move forward with its plans to improve operations, develop new products, conduct exploration and complete a Preliminary Economic Assessment."
The second tranche of the Private Placement resulted in the Company receiving net proceeds of CAN$3 270 047.22 through the issuance of 83 200 194 common shares of the Company at a price of CAN$0.04 per Common Share.
The Company's two largest shareholders contributed to the Private Placement as follows: Tembo Capital US$2 500 000 and M&G Investment Management $541,868. Tembo Capital now owns 37.4% of the Company's outstanding Common Shares, and M&G Investment Management 14.9% of the outstanding Common Shares.
In connection with the Private Placement, the Company paid a finder a finder's fee of CAN$70 014.54 in cash and 1 750 364 warrants, each warrant entitling the finder to acquire one Common Share exercisable at the Offering Price for 18 months following closing.
All securities issued in the second tranche closing are subject to a four-month hold period expiring on 21 September 2016.
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 or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Read the article online at: https://www.worldfertilizer.com/materials-handling/01062016/dusolo-completes-financing/
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