- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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