Deveron Corp. announced that it has received CAD 0.575 million in funding
April 24, 2024
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Deveron Corp. announced a non-brokered private placement through the issuance of 575 unsecured convertible debentures at an issue price of CAD 1,000 per Debenture for gross proceeds of CAD 575,000 in the principal amount of CAD 575,000 on April 25, 2024. The transaction was led by an insider. The issuance of the Debentures pursuant to the Offering were shall be completed on a private placement and prospectus exempt basis, as applicable, such that the issuances exempt from any applicable prospectus and securities registration requirements. The Debentures will mature three years following the date of issuance and will bear interest at an interest rate of 12% per annum, payable in arrears in cash; or the equivalent value in Common Shares based on a price per Common Share equal to the greater of the 20 trading day volume weighted average trading price of the Common Shares on the TSX Venture Exchange ending five trading days preceding the interest due date and the Market Price of the Common Shares at the time the interest becomes payable. The holder of a Debenture will have the right, from time to time and at any time after first year anniversary of the date of issuance, to the Maturity Date, to convert all or any portion of the outstanding principal amount into 2,875,000 common shares at a conversion price of CAD 0.20 per share. Pursuant to applicable Canadian securities laws, the Debentures as well as any underlying Common Shares to be issued upon conversion or exchange of these securities, are subject to a hold period of four months and one day, expiring on August 26, 2024. The Offering remains subject to the final approval of the Exchange.
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from three placees and 3 existing insiders for CAD 575,000.
Deveron Corp. is an agriculture technology company. The Companyâs operating segment include data acquisition services and data analytics sector in Canada and in the United State of America. It uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. It provides full service from collection to soil and analysis. The Company provides a range of services, including field services, laboratory services, and agronomic insights. Its filed services include soil fertility sampling, soil mapping, agriculture drone services, and field boundary mapping. The Companyâs SoilOptix is a premium topsoil analysis system that sets the standard for accuracy and precision in agriculture. Its laboratory services include soil testing and analysis, plant tissue testing, and soil health. Its agronomic insights include soil insights, script insights, image insights, trial analysis, and profit mapping.