(via TheNewswire)
Dear Shareholders,
Navigating the venture markets for the past 18 months has been challenging for many organizations due to current global economic conditions, especially the junior companies.
On
Mahindra's Farm Equipment Sector (
Pursuant to the MOU, Clean Seed and Mahindra have agreed on the exclusive territories in which Mahindra will distribute the Mini-MAX under its own brand(
Clean Seed will also be seeking acceptance for the Mini-MAX into the India Carbon Accreditation Program; acceptance of this program would further benefit the farmer with an estimated income of
Clean Seed remains reluctant to conduct equity financings in these challenging markets and considers its M&A efforts and prospective Mahindra license arrangement critical commercialization mechanisms to facilitate improved capitalization outcomes.
To that end, Clean Seed:
has completed a smallnon-brokered private placement of promissory notes for gross proceeds of
$150,000 (the “Notes”) for working capital purposes.The Notes will mature 12 months from the date of issue. The Company may elect to satisfy the interest payments due under the Notes by the issuance of common shares (the “Shares”) subject to acceptance of the TSX-V at each such instance. In connection with the Notes, the Company will issue an aggregate of 428,571 Shares to the subscribers at a market price of$0.07 per Share (the “Bonus Shares”);
has extended certain promissory notes due
September 30, 2023 toMarch 31, 2024 aggregating$1,710,500 . As consideration for amending the promissory notes, the Company will issue the creditors 3,000,000 bonus warrants (the “Bonus Warrants”). Each Bonus Warrant will entitle the holder to purchase one Share of the Company at a price of$0.20 per Share untilMarch 31, 2024 , and
intends to issue 675,324 Shares, at a deemed price of
$08 per Share (the “Interest Shares”), to settle accrued interest of$54,026 , in accordance with TSX-V Policies in relation to the promissory notes announced in the news release ofApril 21, 2023 . One noteholder, an insider of the Company, will receive 112,191 Shares to settle accrued interest. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 --Protection of Minority Security Holders in Special Transactionsunder sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such related party transaction.
The Bonus Warrants, Bonus Shares and Interest Shares issued will be subject to approval of the TSX-V and will be subject to a regulatory hold period of four months and a day in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
The Company has granted consultants an aggregate of 1,100,000 stock options exercisable at a price ranging from
We would also like to thank Mr.
We look forward to closing the definitive agreement with Mahindra in the coming weeks.
ON BEHALF OF THE BOARD
“
Chairman and CEO
About
The common shares of
We are a team of innovators and business management professionals with a proven track record of game changing innovation and production of patented agricultural technologies at an incredibly high level. We pride ourselves as progress facilitators that turn solutions for modern agricultural problem into commercially viable products to fulfill new demand.
Clean Seed’s SMART Seeder MAX™ technologies are revolutionary seeding tools that utilize the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row variable rate technology at the forefront of agricultural innovation. Our innovations create a new class of highly accurate seeding equipment designed specifically for today’s farmer.
For further information please contact us at 604-566-9895 and visit our website atwww.cleanseedcapital.com.
Neither the
This press release is not an offer or a solicitation of an offer of securities for sale in
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” as defined under applicable Canadian securities legislation. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “anticipate”, “estimate”, “believe”, “continue”, “could”, “expects”, “intend”, “plans”, "postulates", "predict", “will”, “may” or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In particular, there is no assurance that Clean Seed will be successful in finalizing a definitive licensing agreement with Mahindra, that any of Clean Seed’s machines will be manufactured or sold in
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Copyright (c) 2023 TheNewswire - All rights reserved., source