VANCOUVER, British Columbia, Aug. 30, 2018 (GLOBE NEWSWIRE) -- CROPS Inc. (TSXV:COPS) is pleased to announce that it has closed the final tranche of its previously announced private placement financing of convertible debentures and warrants (see CROPS news releases August 8 and 27, 2018) by the issuance CAD$500,000 worth of unsecured debentures, plus 3,125,000 warrants.
The debentures have a term of three years, and are convertible, at the election of the holder, into common shares of the Company at the rate of CAD$0.08 per share (for a maximum of 6,250,000 shares) if converted in the first year, or at the rate of CAD$0.10 per share (for a maximum of 5,000,000 shares) if converted in the second or third years. The warrants are exercisable at a price of CAD$0.08 per share for up to three years.
The debentures will bear interest at an annual rate of 10%, which will be paid quarterly in common shares of the Company, subject to stock exchange approval at the time.
The proceeds from the final tranche of this placement will be used for general working capital purposes. All of the debentures and warrants issued in this financing have a resale restriction for four months following the respective issuance dates.
About CROPS
CROPS is developing the Bayovar 12 phosphate deposit located 40 km from the coast in the Sechura District of northern Peru. Bayovar 12 hosts a large resource of highly-reactive sedimentary phosphate rock - a key raw material input for phosphate fertilizers and vital to world food production. Reactive phosphate rock from Sechura is a natural, slow-release source of phosphorus that can be applied directly to crops. As well, elemental phosphorus from Bayovar 12 can be used in various industrial applications.
For further information, please visit our web site www.crop2o5.com.
ON BEHALF OF THE BOARD
Simon Ridgway, Chief Executive Officer
Symbol: TSXV-COPS
Shares Issued: 58.7 million
For further information, contact:
Gordon Tainton, President
Tel: 604-248-8380; Fax: 604-682-1514
Email: info@crop2o5.com
Website: www.crop2o5.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Company’s Bayovar 12 project. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors relate to, among other things, information regarding the Company’s plans for the Bayovar 12 project; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals for the Bayovar 12 project will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.