VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 14, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that it has accepted a loan advanced from Dundee Agricultural Corporation (the "Lender") in the principal amount of $5,000,000 (the "Loan").
The Loan will bear interest at a rate of 12.68% per annum, will mature one year from the date of issue and is secured by all of the assets of the Company and that of its subsidiaries. No finder's fees were issued in connection with the Loan.
The Lender is a wholly owned subsidiary of Dundee Corporation, an Insider of the Company, and, as such, the Loan constitutes a "Related Party Transaction" as defined under the policies of the TSX Venture Exchange (the "Exchange"). The Company is relying on an exemption from the requirement for minority shareholder approval as the transaction is (1) a loan that was obtained by the Company from a related party on reasonable commercial terms that are not less advantageous to the Company than if the Loan were obtained from a person dealing at arm's length with the Company, and (2) the Loan is not: (A) convertible, directly or indirectly, into equity or voting securities of the Company or a subsidiary entity of the Company, or otherwise participating in nature; or (B) repayable, directly or indirectly, in equity or voting securities of the Company or a subsidiary entity of the Company.
The Company intends to use the funds from the Loan for expansion of operations at its production facilities in Canada and China and for general working capital purposes.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is a producer of sustainable fin fish. The Company utilizes its proprietary, clean aquaculture technology to create an optimal fish rearing environment with economic and environmental benefits to meet the growing demands for healthy and sustainable food sources. The Company's mission is to build a global portfolio of fish farms utilizing its clean rearing technology. AgriMarine recently completed the acquisition of West Coast Fishculture (Lois Lake) Ltd. which is the Company's flagship Steelhead farm in British Columbia. AgriMarine also owns and operates a salmon and trout farm in China. Both farms are wholly-owned subsidiaries of AgriMarine Industries Inc.
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 news release.
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.