March 8, 2018 – Vancouver, British Columbia – Clean Seed Capital Group Ltd. (TSX-V: CSX) (“Clean Seed” or the “Company”) is pleased to announce that it has received funding from Farm Credit Canada (FCC) providing working capital financing for the current production run of its CX-6 SMART Seeder™ program.
FCC lives and breathes agriculture, agribusiness and agri-food. It is a self-sustaining federal Crown corporation that reports to Parliament through the Minister of Agriculture and Agri-Food. They have over 1,800 employees, 100 offices across rural Canada and a $33B portfolio. FCC is considered one of Canada’s top employers.
Graeme Lempriere, Chief Executive Officer of Clean Seed, states: “Approved working capital financing under commercial terms from a premier Canadian organization such as FCC is another significant achievement for our company. This starting block of production financing positions the Company to begin planning for its 2019 production financing in the coming months. Thank you to the FCC team for your support during this process, we look forward to expanding our relationship as we cultivate growth”.
Amounts borrowed by Clean Seed will be repayable from the proceeds of the sale of its spring 2018 units and will be used to fund its production activities.
Clean Seed also advises it has granted 75,000 options to its consultant and 25,000 options to an officer. The options granted to consultants are exercisable at $0.60 and the options granted to its officer are exercisable at $0.55. All options granted are exercisable for a term of five years.