Deveron Announces Overnight Marketed Public Offering of Units
16 February 2022 - 4:59AM
Deveron Corp. (“Deveron” or the “Company”) (TSXV:FARM), a leading
agriculture digital services and insights provider in North
America, is pleased to announce that it has commenced an overnight
marketed public offering (the “Offering”) of Units (the “Units”) of
the Company seeking to raise aggregate gross proceeds of
approximately $8 million.
Each Unit will be comprised of one common share
of the Company (a "Common Share") and one-half of one Common Share
purchase warrant (a "Warrant") and will be offered at a price per
Unit to be determined in the context of the market (the "Issue
Price"). Each Warrant will have an exercise price and term to be
determined in the context of the market. The Offering will be
conducted on a best efforts agency basis pursuant to the terms and
conditions of an agency agreement to be entered into between the
Company and Raymond James Ltd. (“RJL”) as sole agent and sole
bookrunner.
The Company will grant RJL an option (the
“Over-Allotment Option”) to sell up to an number of additional
Units, Common Shares or Warrants, or any combination thereof as is
equal to 15% of the aggregate number of Units purchased in the
Offering to cover over-allotments, if any, and for market
stabilization purposes, at the Issue Price. The Over-Allotment
Option may be exercised in whole or in part as determined by RJL
upon written notice to the Company at any time up to 30 days
following the closing date of the Offering.
The Offering will be conducted pursuant to the
Company’s Canadian base shelf prospectus dated November 30, 2021
(the “Base Shelf Prospectus”). A prospectus supplement (the
“Prospectus Supplement”) relating to the Offering will be filed in
each of the provinces of Canada, except the Province of Quebec.
Copies of the Prospectus Supplement and accompanying Base Shelf
Prospectus will be available under the Company’s profile on SEDAR
at www.sedar.com.
The Company intends to use the net proceeds of
the Offering to support continued organic growth and product
development, and to pursue future acquisition opportunities.
The Offering is expected to close on or about
February 25, 2022, subject to customary closing conditions.
Closing of the Offering is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in the United States or in any other
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements thereunder.
About Deveron: Deveron is an
agriculture technology company that uses data and insights to help
farmers and large agriculture enterprises increase yields, reduce
costs and improve farm outcomes. The company employs a digital
process that leverages data collected on farms across North America
to drive unbiased interpretation of production decisions,
ultimately recommending how to optimize input use. Our team of
agronomists and data scientists build products that recommend ways
to better manage fertilizer, seed, fungicide, and other farm
inputs. Additionally, we have a national network of data
technicians that are deployed to collect various types of farm
data, from soil to drone. Our geographic focus is the US and Canada
where 1 billion acres are actively farmed annually.
For more information, please visit
www.deveronuas.com.
David MacMillanPresident & CEO Deveron
Corp.416-367-4571 ext. 221dmacmillan@deveronuas.com
“Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
This news release includes certain
“forward-looking statements” within the meaning of that phrase
under Canadian securities laws. Without limitation, statements
regarding future plans and objectives of the Company are forward
looking statements that involve various degrees of risk.
Forward-looking statements reflect management's current views with
respect to possible future events and conditions and, by their
nature, are based on management's beliefs and assumptions and
subject to known and unknown risks and uncertainties, both general
and specific to the Company. Although the Company believes the
expectations expressed in such forward-looking statements are
reasonable, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in our forward-looking statements. The
following are important factors that could cause the Company’s
actual results to differ materially from those expressed or implied
by such forward looking statements: changes in the worldwide price
of agricultural commodities, general market conditions, risks
inherent in agriculture, the uncertainty of future profitability
and the uncertainty of access to additional capital. Additional
information regarding the material factors and assumptions that
were applied in making these forward looking statements as well as
the various risks and uncertainties we face are described in
greater detail in the "Risk Factors" section of our annual and
interim Management's Discussion and Analysis of our financial
results and other continuous disclosure documents and financial
statements we file with the Canadian securities regulatory
authorities which are available at www.sedar.com. The Company
undertakes no obligation to update this forward-looking information
except as required by applicable law. The Company relies on
litigation protection for forward looking statements.
Deveron (TSXV:FARM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Deveron (TSXV:FARM)
Historical Stock Chart
From Dec 2023 to Dec 2024