|By Marketwired .||
|July 3, 2014 05:31 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/03/14 -- In accordance with regulatory requirements, Dundee Corporation (TSX:DC.A) ("Dundee") announces that its wholly owned subsidiary, Dundee Agricultural Corporation ("DAC") has converted three convertible notes ("Notes") to acquire 102,490,753 common shares ("Shares") of AgriMarine Holdings Inc. ("AgriMarine").
The Notes, which have an aggregate principal value of $18,529,032.88 and aggregate accrued and unpaid interest of $2,233,989.40, were issued to DAC in connection with a series of loans advanced to AgriMarine in 2013. Pursuant to the terms of the Notes, the average conversion price for Shares issued upon conversion of the Notes is approximately $0.2025 per Share.
When aggregated with Dundee's existing position, Dundee now owns or controls 103,709,086 Shares representing an approximate 94.53% interest in AgriMarine.
The position in AgriMarine was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange ("TSX") under the symbol "DC.A." Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.
President and Chief Executive Officer
Vice President and Chief Financial Officer