Deveron Announces Private Placement of Convertible Debentures
Summary
The Company intends to use the net proceeds from the Offering to refinance the Companys 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 finders fees of up to 7.0% of the gross proceeds of the Offering and/or may issue up to such number of finders 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. Our focus is the US and Canada whereFor more information and to join our community, please visit www.deveron.com/investors or reach us on Twitter @Deveron.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Additional information regarding the material factors and assumptions that were applied in making these forward-looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Managements Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com.