- AgriFORCE Growing Systems Ltd AGRI has entered into a definitive agreement for a convertible debt facility of an initial principal amount of $14.025 million and up to an additional principal amount of $33 million with accredited institutional investors.
- The initial conversion price of the Notes is $2.22 per share.
- Under the agreement, the company expects to receive an initial $12.75 million, less fees to be deducted, and can get up to $33 million in multiple tranches.
- The Investors have received 3.5-year warrants with 65% warrant coverage at an initial exercise price of $2.442 per share.
- The company intends to use the net proceeds towards closing the previously announced acquisition of Delphy Groep BV.
- The notes are due in 2.5 years and amortize over 25 months.
- Price Action: AGRI shares are trading lower by 6.31% at $2.08 on the last check Wednesday.
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