Ag Growth International Inc.
TSX : AFN

Ag Growth International Inc.

February 15, 2017 09:32 ET

Ag Growth Announces Closing of Equity Financing For Gross Proceeds of Over $63 Million

WINNIPEG, MANITOBA--(Marketwired - Feb. 15, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ag Growth International Inc. (TSX:AFN) ("AGI" or the "Company") is pleased to announce that it has closed its previously announced public offering of 1,150,000 common shares (the "Common Shares") at a price of $55.10 per Common Share, which includes 50,000 Common Shares issued pursuant to the over-allotment option, for gross proceeds of approximately $63.4 million. A syndicate led by CIBC Capital Markets, National Bank Financial Inc. and TD Securities Inc. and including Scotia Capital Inc., RBC Dominion Securities Inc., AltaCorp Capital Inc., Cormark Securities Inc. and Laurentian Bank Securities Inc. (collectively, the "Underwriters") acted as underwriters for the offering.

The net proceeds of the offering will be used to repay outstanding indebtedness, to pursue potential acquisition opportunities and for working capital and general corporate purposes.

The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereof. This news release shall not constitute an offer to sell, or the solicitation of any offer to buy, nor shall there be any sale of Common Shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

Company Profile

Ag Growth International Inc. is a leading manufacturer of portable and stationary grain and fertilizer handling, storage and conditioning equipment, including augers, belt conveyors, storage bins, handling accessories, grain aeration equipment and grain drying systems. AGI has manufacturing facilities in Canada, the United States, Italy, Brazil and the United Kingdom, and distributes its products globally.

Forward-Looking Information

This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to the anticipated use of the net proceeds of the offering.

This information is based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, the potential reallocation by AGI of all or a portion of the net proceeds for business reasons, including, among others, due to results of operations or as a result of other business opportunities that may become available. Additional information on these and other factors that could affect AGI's operations, financial results or dividend payments are included in AGI's annual information form and other reports on file with Canadian securities regulatory authorities, which can be accessed through the SEDAR website at www.sedar.com. AGI assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or any other reason, other than as required by applicable securities laws. In the event AGI does update any forward- looking information, no inference should be made that it will make additional updates with respect to that information, related matters, or any other forward-looking information.

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