AgriMarine Holdings Inc.
TSX VENTURE : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

April 22, 2013 20:00 ET

AgriMarine Announces $5,000,000 Loan from Dundee

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) -

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AgriMarine Holdings Inc. (TSX VENTURE:FSH)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce that Dundee Agricultural Corporation ("Dundee") has agreed, subject to the approval of the TSX Venture Exchange (the "Exchange"), to advance a loan in the principal amount of $5,000,000 (the "Loan") to the Company.

The Loan will be evidenced by a convertible note, will bear interest at a rate of 12.68% per annum and will have a term of one year.

Pursuant to the terms of the Loan, the Company is required to complete a consolidation of shares within 90 days. Shareholder approval will be sought for the consolidation of shares at the Annual General Meeting of Shareholders to be held on April 26, 2013. Subject to the approval of the Exchange, Dundee may elect to convert the principal balance of the Loan into common shares of the Company at any time at a price per share equal to (a) prior to the consolidation, $0.10 per share, and (b) following the consolidation, at a price of $0.015 multiplied by the consolidation ratio.

The proceeds of the Loan will be used for the purchase and deployment of further AgriMarine System™ tanks. Proceeds of the Loan will also be used for supporting engineering work, filing of patents related to AgriMarine's IP, working capital and general and administrative expenses.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine has developed innovative aquaculture technology for farming salmon, trout and other high value fin fish species in closed containment. The Company utilizes its solid-walled floating tanks to address sustainability issues in aquaculture, to create an optimal fish rearing environment with added economic and environmental benefits and to meet consumer and retailer demands for sustainable fin fish products. The AgriMarine System can be applied in warm or cold climate conditions, in oceans, reservoirs and lakes.

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 news release.

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