VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TerraBioGen Technologies Inc., a developer of proprietary high-value agriculturally bioactive products, announces that it has recently completed two financing transactions.
In late October 2013, the Company completed a private placement of 42,000 units at $10.00 per unit for proceeds of $420,000. Each unit consists of one common share and one warrant exercisable at $12.00 until October 24, 2018.
On November 10, 2010, the Company entered into an agreement with a shareholder for a term loan of $81,231; the loan paid 4% interest annually and matured on October 31, 2013. At maturity, in lieu of repayment, the Company reached agreement with the shareholder to issue 8,123 common shares and 8,123 warrants exercisable at $12.00 until October 30, 2018.
Both of these transactions will assist the Company in its development program. Preliminary results from this year's growing trials have been positive and the Company will be receiving results up to the end of the year. The Company's growing trials have focused on the formulation and delivery of agriculturally bioactive compounds to a wide range of horticultural and agricultural applications.
TerraBioGen Technologies Inc. is committed to research and development to continue to improve the efficiency of its technology and the quality of its agriculturally bioactive products. It is further committed to developing and implementing a global commercialization strategy 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.
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