pcNewsWire – DuSolo Fertilizers Inc. (TSX-V: DSF) has closed first tranche of previously announced non-brokered private placement, issuing 21,035,500 common shares at $0.03 per share for gross proceeds of $631,065.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
DUSOLO CLOSES FIRST TRANCHE OF FINANCING
June 1, 2017 – VANCOUVER, BRITISH COLUMBIA: DuSolo Fertilizers Inc., (TSX-V:DSF) (“DuSolo” or “the Company”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”) previously announced on May 3, 2017.
Giles Baynham, Chief Executive Officer, noted that “the Company is pleased to close this first tranche, which allows the Company to continue the expansion of its operations in Brazil. We have also received commitments to date for an additional $2.0 million, and expect the balance of the financing to be closed by June 10, 2017. We are very grateful to our existing shareholders for their strong support.”
The first tranche closing consists of a total of C$631,065 raised through the issuance of 21,035,500 common shares (the “Common Shares”) of the Company at a price of C$0.03 per Common Share. All Common Shares issued in connection with the first tranche of the Private Placement will be subject to a four month hold period expiring on October 1, 2017. The Company has paid a finder’s fee of $37,863.90 in cash and has issued 1,262,130 finder’s warrants, valid for two years, to purchase a Common Share at $0.03, on the amounts raised in the first tranche of the Private Placement.
At the Company’s annual general meeting on May 18, 2017, the Company’s shareholders approved the previously announced consolidation of the Company’s shares on a 10 old for 1 new share basis. The Company intends to proceed with the consolidation following the closing of the final tranche of the Private Placement.
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
For more information contact:
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.
SOURCE: DuSolo Fertilizers Inc.