December 29, 2017 – Vancouver, British Columbia – Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) announces it has closed a non-brokered private placement for 1,735,000 Units of the Company (the “Units”) at a price of $0.50 per Unit, for gross proceeds of CDN $867,500 (the “Offering”). 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 12 months from the closing date of the Offering at a price of $0.75 per share, provided that in the event the closing price the Company’s common shares is equal to or greater than $1.00 per share for five consecutive trading days, the Issuer may by notice reduce the remaining exercise period of the Warrants to not less than 30 days.
In conjunction with the Offering, the Company will pay aggregate finder’s fees of $25,025 and 50,050 finder’s warrants. Each finder’s warrant will entitle the holder to acquire one common share of the Company at $0.50 for twelve months from the closing date of the Offering.
All securities to be issued pursuant to the Offering will be subject to a regulatory hold period of four months and a day 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 production of the CX-6 SMART Seeder, ongoing development and general working capital.
The Company also advises it has granted 904,000 options to its employees and consultants and 200,000 options to its directors and offices. All options granted are exercisable into common shares at prices between $0.48 and $0.50, all for a term of five years.