AgriMarine Holdings Inc.
TSX VENTURE : FSH
OTCQX : AGMHF
FRANKFURT : A2G

AgriMarine Holdings Inc.

March 12, 2012 07:30 ET

AgriMarine Closes Initial Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2012) -

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

AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine"), the leader in floating solid-wall containment technology and production for sustainable aquaculture, is pleased to announce that, further to its news release dated February 24, 2012, the Company has now closed the initial tranche of its non-brokered private placement pursuant to which it has now issued from treasury an aggregate of 23,525,000 units (each a "Unit") of the Company, at a subscription price of $0.20 per Unit, for gross proceeds to the Company of $4,705,000 (the "Private Placement").

Each Unit is comprised of one common share (each a "Share") and one-half of one transferable share purchase warrant (each a "Warrant") of the Company, and each whole Warrant now entitles the holder thereof to purchase one additional common share (each a "Warrant Share") of the Company at an exercise price of $0.30 per Warrant Share up to and including March 9, 2014.

Finder's fees of $329,350 in cash and 1,585,500 finder's warrants (each a "Finder's Warrant") have now been paid and issued in conjunction with the initial closing of the Private Placement. Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.20 per common share up to and including March 9, 2013.

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 July 10, 2012, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Dundee Corporation acquired 15,000,000 Units under the Private Placement and upon closing now holds 13.86% of the Company's common shares on a non-diluted basis. In connection with the Private Placement, the Company granted Dundee Corporation the right to participate in future equity financings of the Company in order to maintain its then current equity position in the Company.

The net proceeds from the Private Placement will be used by the Company for working capital and general corporate purposes.

This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About AgriMarine Holdings Inc.

Canadian-based AgriMarine is an aquaculture technology company engaged in the development, commercialization and licensing of proprietary solid-wall closed containment systems for the rearing of finfish. The Company utilizes its innovative, clean technology to rear salmon and trout in its farms in China and Canada. The AgriMarine System can be applied worldwide in warm or cold climate conditions, in oceans, reservoirs and lakes. The AgriMarine System addresses sustainability issues in finfish aquaculture, creates an optimal fish rearing environment, offers a better farm management system with added economic and environmental benefits and meets consumer and retailer demands for sustainable aquaculture.

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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