AgriFORCE Reveals Consummation Of Convertible Debt Facility

• AgriFORCE Growing Systems Ltd (NASDAQ:AGRI) has entered into a definitive agreement for a convertible debt facility of an initial principal amount of $14.025 million and up to an additional principal amount of $33 million with accredited institutional investors.
• The initial conversion price of the Notes is $2.22 per share. 
• Under the agreement, the company expects to receive an initial $12.75 million, less fees to be deducted, and can get up to $33 million in multiple tranches.
• The Investors have received 3.5-year warrants with 65% warrant coverage at an initial exercise price of $2.442 per share.
• The company intends to use the net proceeds towards closing the previously announced acquisition of Delphy Groep BV.
• The notes are due in 2.5 years and amortize over 25 months.
• Price Action: AGRI shares are trading lower by 6.31% at $2.08 on the last check Wednesday.