AgriMarine Holdings Inc.
TSX VENTURE : FSH
FRANKFURT : A2G

AgriMarine Holdings Inc.

November 26, 2010 08:30 ET

AgriMarine Closes First Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2010) -

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"), a leader in floating closed containment technology and production for sustainable aquaculture, is pleased to announce that it has closed the first tranche of the non-brokered private placement (see our news release dated November 19, 2010) consisting of 5.6 million units (each a "Unit') at a subscription price of $0.25 per Unit, and for gross proceeds of $1.4 million (the "Offering").

Each Unit is comprised of one common share (the "Shares") in the capital of the Company and one-half common share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder to purchase an additional common share at a purchase price of $0.40 for a period of two years from the date of issue. The warrant expiry may be accelerated at the Company's discretion if the share price of the Company trades at a price equal to or higher than $0.60 for a period of 10 consecutive days.

All Shares issued pursuant to the Offering and any Shares issued in connection with the exercise of any of the Warrants will be subject to a hold period expiring on March 25, 2011, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder's fees of $42,000 in cash are payable and 168,000 finder's warrants are being 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.

About AgriMarine Holdings Inc.

AgriMarine is in the business of producing fish sustainably in its proprietary closed containment systems in China for the rearing of trout, salmon and other finfish such as tuna 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.

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.

Contact Information

  • AgriMarine Holdings Inc.
    Richard Buchanan
    President and Chief Executive Officer
    (604) 568-4672
    rbb@agrimarine.com
    1810 - 999 West Hastings Street, Vancouver, B.C., V6C 2W2
    or
    AgriMarine Holdings Inc.
    Alexia Helgason
    Manager, Media Relations and Marketing
    (604) 728-4407
    alexia@agrimarine.com
    www.agrimarine.com