AgriMarine Holdings Inc.
TSX VENTURE : FSH

AgriMarine Holdings Inc.

April 20, 2010 09:30 ET

AgriMarine Holdings Inc. Announces Closing of First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2010) - AgriMarine Holdings Inc. (TSX VENTURE:FSH) (the "Company" or "AgriMarine") is pleased to announce that, further to its news release dated April 12, 2010, it has closed the first tranche of a non-brokered private placement consisting of 22,170,000 units (each a "Unit'), at a subscription price of $0.20 per Unit, and for gross proceeds of $4,434,000 (the "Offering").

Each Unit is comprised of one common share (each a "Share") and one-half of one share purchase warrant (each a "Warrant") of the Company, and each whole Warrant entitles the holder thereof to purchase one additional Share of the Company (each a "Warrant Share") at an exercise price of $0.30 per Warrant Share up to and including April 19, 2012.

All Shares issued pursuant to the Offering and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, will be subject to a hold period expiring on August 20, 2010, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder's fees of $278,520 in cash have now been paid and 1,170,600 finder's warrants have now been issued, subject to the same terms and provisions as the Warrants outlined above, in conjunction with the initial closing of the Offering. Proceeds of the Offering will be used to advance development of the Company's business and for general working capital.

The Company also announced that the Offering has been increased to up to 26,025,000 Units for gross proceeds of up to $5,205,000; with terms of the Units remaining unchanged.

About AgriMarine Holdings Inc.

AgriMarine Holdings Inc., through its wholly owned subsidiary, AgriMarine Industries Inc., has developed proprietary technology for the rearing of salmon and other finfish in floating solid wall closed containment systems that allows for control of the rearing water environment. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices worldwide and permits the installation of fish production systems in close proximity to consumer markets. Through AgriMarine Industries Inc.'s Asian subsidiary, Benxi Agrimarine, the first commercial tank farm is currently being installed in China to produce large steelhead trout. The Company is also examining applications of its technology for tuna and other warm water species.

Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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