(TheNewswire)
August 24, 2022 – TheNewswire - Vancouver, British Columbia - Clean Seed CapitalGroup Ltd (“Clean Seed” or the “Company”)(TSXV:CSX ) and ( OTC:CLGPF) announces itwill be showcasing its SMART Seeder™ MAX-S™ at the US FarmProgress Show, the nation’s largest outdoor agricultural event.
Located in Boone, Iowa, this event boasts over 600exhibitors and 50,000+ attendees over a three-day period from August30 to September 1 . For over 50 years, the FarmProgress Show has connected farmers and industry pioneers from acrossthe globe . Our team, and the SMARTSeeder ™ MAX-S ™ will be locatedon second street at the Farm Progress Show.
Our four campaign pillars for SMART Seeder™ MAX inthe United States are:
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US Dealer recruitment for the SMART Seeder™ MAX 48/15– (US configuration – 48 row/ 15” spacing)
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End consumer lead generation and pre-order campaign
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Strategic partnerships with US based Agronomic and AgTech Companies
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Educate ‘4R Nutrient Stewardship’ provided by theSMART Seeder MAX™
For more information on MAX-S™ at FarmProgress 2022 click here
“We have chosen to feature our flagship model, theSMART Seeder MAX-S™, to the crowds and industry influencers in theUnited States at this year’s show. MAX-S™ is a full complementSMART Seeder with singulation and fertility in a single pass targeteddirectly at the US corn and soybean market. The annual crop productionvalues of these two key crops in the US is over US$160B and the annualmarketplace for planting and seeding equipment for these crops exceedsUS$5B. Our technologies are set to disrupt the US planting and seedingequipment market and will be the leading precision, multi-product,single pass planting technology for the American farmer,” says ColinRush, president of Clean Seed.
Further to its news release dated July 18, 2022,whereby the Company secured initial production financing of$1,000,000, the Company has now also finalized a non-brokered privateplacement for gross proceeds of $630,000 for working capital purposes.The private placement includes a $300,000 investment by Ag-West Bio,Saskatchewan’s bioscience industry association, whose mandate is tostrengthen the bioeconomy industry in Saskatchewan.
Kyle Adams, Director of Investment andCommercialization with Ag-West Bio states “Ag-West Bio is excited topartner and support Clean Seed Capital in its commercializationefforts. Clean Seed’s innovative technology is a benefit toagricultural producers, and to the whole the agriculture industry,which Ag-West strives to support as Saskatchewan’s bioeconomycatalyst.”
Pursuant to the private placement, the Company willissue two debentures convertible into common shares for gross proceedsof $630,000 (the “Offering”). On a weighted average basis, amountsborrowed bear interest of 8.5% and are convertible into shares at$0.25 per share, subject to the description below. The debentures arenot convertible by the holders until August 1, 2023.
Amounts borrowed under debenture one aggregate$300,000, are repayable as interest only on a monthly basis for 12months, are amortized over 48 months thereafter and mature on August31, 2027. Amounts borrowed under debenture two aggregate $330,000, arerepayable as interest only on a semi-annually basis and mature onAugust 31, 2025.
The conversion price of debenture one will be thegreater of (i) $0.30 per share or (ii) the market price of commonshares of the Company, discounted by 30%, to a maximum of $0.60 pershare. Both debentures are secured by a general charge against all ofthe assets of the Company and its subsidiaries.
All securities to be issued pursuant to the Offeringwill be subject to a regulatory hold period of four months and a dayin accordance with the rules and policies of the TSX Venture Exchangeand applicable Canadian securities laws, and such other furtherrestrictions as may apply under foreign securities. Closing of theplacement is subject to receipt of TSXV approval.
The Company has granted a consultant 500,000 stock options at an exercise price of $0.20 per shareuntil December 31, 2023. The consultant will be working with theCompany for business development purposes and to expand marketawareness both in Canada and the US as we progress through our fallactivities.
ON BEHALF OF THE BOARD
“Graeme Lempriere”
Chairman and CEO
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. arelisted on the TSX Venture Exchange and trade under the symbol“CSX” and are traded on the OTCQB Venture Market under the symbol“ CLGPF ”.
We are a team of innovators and business managementprofessionals with a proven track record of game changing innovationand production of patented agricultural technologies at an incrediblyhigh level. We pride ourselves as progress facilitators that turnsolutions for modern agricultural problem into commercially viableproducts to fulfill new demand.
Clean Seed’s SMART Seeder™ technologies arerevolutionary seeding tools that utilize the unique synergy ofsophisticated electronic metering and intuitive software controlputting row-by-row variable rate technology at the forefront ofagricultural innovation. Our innovations create a new class of highlyaccurate seeding equipment designed specifically for today’sfarmer.
For further information please contact Clean Seed at604-566-9895 and visit our website at www.cleanseedcapital.com .
About Ag-West Bio
Ag-West Bio is Saskatchewan’s bioscience industry association. Thecompany works as a catalyst for developing partnerships and industrygrowth in the bioeconomy through investments, aiding strategicalliances, and providing business planning support, regulatory advice,and communications. Funding for Ag-West Bio is provided by theSaskatchewan Ministry of Agriculture and Agriculture and Agri-FoodCanada's Canadian Agricultural Partnership (CAP) program. www.agwest.sk.ca
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release .
This press release is not an offer or a solicitation ofan offer of securities for sale in the United States. The commonshares of Clean Seed Capital Group Ltd. have not been and will not beregistered under the U.S. Securities Act of 1933, as amended, and maynot be offered or sold in the United States absent registration or anapplicable exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGINFORMATION:
This news release includes certain “forward-lookingstatements” as defined under applicable Canadian securitieslegislation. All information and statements contained herein that arenot clearly historical in nature constitute forward-lookinginformation, and the words “anticipate”, “estimate”,“believe”, “continue”, “could”, “expects”,“intend”, “plans”, “postulates”, “predict”, “setto”, “will”, “may” or similar expressions suggesting futureconditions or events or the negative of these terms are generallyintended to identify forward-looking information. Forward-lookingstatements are necessarily based upon a number of estimates andassumptions that, while considered reasonable, are subject to knownand unknown risks, uncertainties, and other factors which may causethe actual results and future events to differ materially from thoseexpressed or implied by such forward-looking statements. There can beno assurance that such statements will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Clean Seed disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, except asrequired by law.
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