2023-04-14 10:28:18 ET
- Deveron ( OTCPK:DVRNF ) has announced a non-brokered private placement of up to 4.84M common shares in the capital of the Co. at a price of $0.31/Common Share for gross proceeds of $1.5M.
- $1M of the proceeds are from insiders of the Co., including the newest board member, Tim Close, the former CEO of Ag Growth International.
- Gross proceeds of the Offering will be to fund Deveron's M&A strategy, consolidating the fragmented soil lab and crop consultant market in North America.
- Additionally, the Co. has conditionally agreed with Toronto-Dominion Bank to partially restructure its $28.3M credit facility.
- Pursuant to the conditional agreement, TD will issue a new 25-year mortgage for $6.8M on the properties associated with A&L Canada Laboratories East.
For further details see:
Deveron announces private placement and debt restructure