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Benzinga
Benzinga
Business
Shivani Kumaresan

AgriFORCE Raises $20M Via Convertible Debt Facility

AGRI
  • AgriFORCE Growing Systems Ltd (NASDAQ: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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