TerraBioGen Technologies Inc.

TerraBioGen Technologies Inc.

May 29, 2013 10:00 ET

TerraBioGen Arranges Financing and Settles Liability

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2013) - TerraBioGen Technologies Inc., a developer of proprietary technologies for the production of organic-based, high-value agricultural products, announces that it has arranged financing through a private placement scheduled to close in 2 tranches.

The first tranche of 41,000 units at $10.00 per unit has closed for proceeds of $410,000. Each unit consists of one common share and one warrant exercisable at $12.00 per share for 5 years. The second tranche on the same terms is expected to close by the end of July 2013.

These funds will be applied primarily to the Company's research and development activities. TerraBioGen is actively working on the development and formulation of agriculturally bioactive compounds. The Company has shipped product for extensive growing trials this summer with focus on the formulation and delivery of these materials to a wide range of crops.

The Company also announces that it has settled a $50,000 liability and will be issuing units at $10.00 per unit. These funds were advanced to the Company in 2007 and the Company will issue 5,000 common shares and 5,000 warrants exercisable at $12.00 per share for 5 years

About TerraBioGen

TerraBioGen Technologies Inc. is committed to research and development to continue to improve the efficiency of its technology, its methodology, and the quality of its agricultural products. It is further committed to developing a world-wide marketing capability to ensure market acceptance of its products.

This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although TerraBioGen believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of TerraBioGen's management on the date the statements are made. Except as required by law, TerraBioGen undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Contact Information

  • TerraBioGen Technologies Inc.
    Blair Heffelfinger
    President & CEO
    (604) 924-1023 ext 316
    (604) 924-1043 (FAX)

    TerraBioGen Technologies Inc.
    Bob Nowell
    CFO & Corporate Secretary
    (604) 924-1023 ext 306
    (604) 924-1043 (FAX)