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

AgriMarine Holdings Inc.

April 28, 2011 17:35 ET

AgriMarine Holdings Inc. Announces $12 Million Marketed Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2011) -

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

AgriMarine Holdings Inc. (TSX VENTURE:FSH)(OTCQX:AGMHF)(FRANKFURT:A2G) (the "Company" or "AgriMarine") is pleased to announce a private placement of units (the "Units") for gross proceeds of up to $12 million (the "Financing"). The Financing will be conducted on a commercially reasonable best effort basis led by Canaccord Genuity Corp. and Cormark Securities Inc. (the "Agents").

Each Unit will be priced at $0.35 and will consist of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at an exercise price $0.50 for a period of 36 months following the closing of the Financing.

The net proceeds from the Financing will be used for tank development, working capital and general corporate purposes.

Finder's fees may be payable in connection with a portion of the private placement, in accordance with TSX Venture Exchange policies. Closing of the Private Placement is scheduled for the week of May 23, 2011, subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About AgriMarine Holdings Inc.

AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in China and Canada. The technology can be applied worldwide to the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology creates an optimal fish rearing environment, offers a better farm management system with added environmental benefits over net cage rearing practices 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.

Contact Information