DuSolo Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
DuSolo Fertilizers Inc. (TSX VENTURE:DSF) ("DuSolo" or "the Company") announces that it has closed its previously announced non-brokered private placement ("the Private Placement"). The Company raised C$2,434,500 through the Private Placement.
"DuSolo is pleased with the support it received from the market," said Darren Bowden, Chief Executive Officer. "The Company has already started using these proceeds to further optimize operations at Bomfim, increase sales within the region, further delineate the initial resource estimate at Santiago and move ahead with exploration at São Roque."
A total of 24,345,000 units ("Units") of the Company were issued at a price of C$0.10 per Unit. Each Unit consists of one common share of the Company ("Common Share") and one-half Common Share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one common share at an exercise price of C$0.15 until October 1, 2018.
All securities issued in connection with the Private Placement will be subject to a minimum four-month hold period, expiring on January 2, 2016. The Company paid a commission of C$109,060 in cash and 1,090,600 brokers warrants on proceeds raised from the sales of Units in the Private Placement.
Closing of the Private Placement is subject the receipt of applicable regulatory approvals including approval by the TSX Venture Exchange.
ABOUT DUSOLO
DuSolo Fertilizers Inc. is focused on developing a fully integrated process to produce and sell phosphate based fertilizers within the Cerrado region of Brazil as part of a nationwide effort, incentivized by the government, to increase supply of domestically sourced fertilizers and achieve agricultural self-sufficiency.
On behalf of DuSolo Fertilizers Inc.
Darren Bowden, Chief Executive Officer
Forward-looking statements
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
