AgriFORCE Raises $20M Via Convertible Debt Facility

by Shivani Kumaresan, Benzinga Staff Writer

March 8, 2022 12:54 PM | 1 min read | Make a Comment

AgriFORCE Growing Systems Ltd AGRI has executed a non-binding term sheet for a planned convertible debt facility of up to $20 million with an accredited institutional investor. The Notes will be convertible at $2.75 per share.
Under the agreement, the company would receive an initial amount of $10 million and would have the right to receive an additional $10 million at its discretion.
The Investor will receive 3-year warrants equal to 50% of the principal Note amount at an exercise price of $2.75 per share.
The company intends to use the net proceeds towards closing the previously announced acquisition of Delphy Groep BV.
Price Action: AGRI shares are trading lower by 15.8% at $1.70 on the last check Tuesday.

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