Toronto, Ontario--(Newsfile Corp. - June 30, 2023) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture services and data company in North America, announces that in connection with its previously announced acquisition of Stealth Ag, Inc. ("Stealth"), as set out in its press releases of May 27, 2021 and August 30, 2021, Stealth has exceeded gross revenues of US$1,250,000 during the Second Earn Out Period (as such term is defined in the press release of the Company dated May 27, 2021). As a result of achieving this milestone, the Company is required to make a one-time payment of US$50,000 (CAD$66,275), to be satisfied through the issuance of an aggregate of 220,916 common shares ("Common Shares") in the capital of the Company at a deemed price of $0.30 per Common Share. Pursuant to the policies of the TSX Venture Exchange (the "TSXV") the transaction is treated as a debt settlement and the issuance of the Common Shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSXV. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
In addition, the Company announced that it has granted an aggregate of 795,833 stock options (the "Options") to purchase common shares (the "Common Shares") of the Company exercisable at a price of $0.30 per Common Share and expiring on June 30, 2028, to certain directors of the Company. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to better manage fertilizer, seed, fungicide, and other farm inputs. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone. Our geographic focus is the US and Canada where 1 billion acres are actively farmed annually.
For more information, please visit www.deveron.com.
Philip Linton
VP Corporate Development
Deveron Corp.
Plinton@deveron.com
Tel: 647-622-0076
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172116
