|By Marketwired .||
|July 3, 2014 09:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/14 -- (CSE:FSH)(FRANKFURT:A2G) AgriMarine Holdings Inc. (the "Company" or "AgriMarine") is pleased to announce that Dundee Agricultural Corporation ("DAC") has acquired a total of 102,490,753 common shares of the Company pursuant to the conversion of three convertible notes (the "Convertible Notes").
The Convertible Notes were issued to DAC in connection with a series of previously announced loans advanced to the Company on April 25, 2013, June 10, 2013, and September 20, 2013. On July 2, 2014, DAC delivered notices of conversion to the Company. In accordance with the terms of the Convertible Notes, an aggregate of $18,529,032 of principal was converted into common shares of the Company at conversion prices ranging from $0.18 to $0.23 per common share and an aggregate of $2,233,989 of accrued interest was converted into common shares of the Company at a conversion price of $0.13 per common share.
The Company now has 109,707,900 common shares issued and outstanding.
About AgriMarine Holdings Inc.
Canadian-based AgriMarine is a producer of sustainable fin fish. The Company utilizes its proprietary, clean aquaculture technology to create an optimal fish rearing environment with economic and environmental benefits to meet the growing demands for healthy and sustainable food sources. The Company's mission is to build a global portfolio of fish farms utilizing its clean rearing technology. AgriMarine Industries Inc. operates the Company's Canadian and Chinese farming subsidiaries. Our flagship farm, West Coast Fishculture (Lois Lake) Ltd., is the premier supplier of Steelhead salmon in British Columbia and its premium OceanWise(TM) Lois Lake Steelhead is featured in top restaurants across the province.