Mr. Phil Linton reports
DEVERON ANNOUNCES PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES
Deveron Corp. has arranged a non-brokered private placement of $2-million in unsecured convertible debentures at a price of $1,000 per debenture, as further detailed below. The Company intends to use the net proceeds from the Offering to refinance the Company's outstanding promissory note and for general working capital.
The Debentures will mature three (3) years following the date of issuance (the "Maturity Date") and will bear interest at an interest rate of nine percent (9%) per annum, payable semi-annually in arrears in cash.
The holder of a Debenture will have the right, from time to time and at any time after first year anniversary of the date of issuance, to the Maturity Date, to convert all or any portion of the outstanding principal amount into common shares (each, a "Common Share") in the capital of the Company, at a conversion price of $0.42 per Common Share (the "Conversion Price"), subject to adjustment as herein provided.
In connection with the Offering, the Company may pay a cash finder's fees of up to 7.0% of the gross proceeds of the Offering and/or may issue up to such number of finder's warrants (each, a "Finder Warrant") equal to 7.0% of the gross proceeds of the Offering divided by the Conversion Price, with each Finder Warrant being exercisable to acquire one Common Share at a price of $0.42 per Common Share until the date that is twelve (12) months from the date of issuance.
The Offering is anticipated to close on or about October 2, 2023, and is subject to customary closing conditions and approvals of applicable securities regulatory authorities, including the Exchange.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs, and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to manage fertilizer, seed, fungicide and other farm inputs better. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres are actively farmed annually.
We seek Safe Harbor.
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