Clean Seed Capital Group Closes Over Subscribed Non-Brokered Private Placement and welcomes Colin Rosengren to the Board of Directors
November 5, 2013 – Vancouver, British Columbia – further to its news release dated October 31, 2013, Clean Seed Capital Group (“Clean Seed” or the “Company”) (TSX-V: CSX) announces it has closed the second tranche of its non-brokered private placement for 4,684,000 Units of the Company (the "Units") at a price of $0.25 per Unit, for gross proceeds of CDN $1,171,000 (the "Offering") bringing the total amount raised to CDN $1,401,250. Each Unit consists of one common share and one common share purchase warrant (a “Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company for a period of 24 months from the closing date at a price of $0.35 per share in the first 12 months and $0.45 in the 12 months thereafter.
The Offering was eligible to be purchased by subscribers who are "accredited investors" or who qualify under another exemption from prospectus requirements in the jurisdictions where the Offering was sold. The securities issued pursuant to the second tranche closing of the Offering are subject to a regulatory hold period expiring March 6, 2014 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
Proceeds of the Offering will be used for the continued development and commercialization of the award winning CX6 technology, inventory buildup and general working capital. No Finders’ fees were paid in respect to the second tranche of this Offering.
“On behalf of our entire team, I would like to thank both our shareholders and the farming communities of Western Canada and the Prairies for their ongoing support and financial sponsorship. I am pleased to welcome Colin Rosengren to the Board of Directors of Clean Seed Capital. Colin has played a meaningful role since joining the company, his wealth of knowledge and hands on expertise has been instrumental in solidifying our group as progressive pioneers of proprietary technologies. As we move into this exciting new phase, we remain committed to the core principle that got us here – innovation. That innovative spirit will be the key to our success in the years ahead as we begin to commercialize our technologies and expand the pipeline of growth opportunities”.
Colin Rosengren stated “I have been very impressed with the Company’s progress since I joined the group last year as VP, Agronomic Practices and Protocols. This progressive company is on track towards commercialization of its product line and I have every confidence that we will deliver revolutionary new seeding technology to the market in 2014.”
About Clean Seed Capital Group
Clean Seed has developed an advanced no-till precision planting system comprised of individually patented technologies. These technologies include all-cast opener assembly systems, in-ground openers, proprietary seed and fertilizer metering and electronic control systems that combat soil erosion, reduce seed and fertilizer use and nurture the subsurface biodiversity vital to producing healthy and sustainable crops.
For further information please contact Mark Tommasi at 604-566-9895 and visit our website at www.cleanseedcapital.com.
ON BEHALF OF THE BOARD,
CEO, President and Director
Not for distribution in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction. None of the Company’s securities are registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any states of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.