AgriMarine on Thursday announced Dundee Agricultural Corporation has agreed to advance a loan of CAD 10 million (USD 9.7 million, EUR 7.3 million).
Subject to the approval of the TSX Venture Exchange, Dundee may elect to convert any portion of the principal amount of the Loan into common shares of the Company at a price of CAD 0.23 (USD 0.22, EUR 0.17) per share. Interest is payable upon maturity and accrued interest may be converted, at Dundee’s option, into common shares at the prevailing market price.
The proceeds of the loan will be used to fund the acquisition of all of the outstanding shares of West Coast Fishculture (Lois Lake) and West Coast Fishculture. The proceeds will also be used for the deployment of AgriMarine System™ tanks, working capital and general and administrative expenses.
