DuSolo Oversubscribes and Closes Final Tranche of Private Placement in the Amount of $3,000,000 CND
April 01 2014 - 9:01AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / April 1, 2014 / DuSolo
Fertilizers Inc., (TSX-V: DSF) (PINK SHEETS: ELGSF.PK) (Frankfurt:
E6R.F) ("DuSolo" or "the Company"), is very pleased to
announce it has oversubscribed and closed the final tranche of its
non-brokered private placement in the amount of 3,189,474 shares or
$606,000 CND at a price of nineteen (19) cents per share for a
total of 15,789,474 shares or $3,000,000 CND previously announced
February 24th, 2014. There are no warrants attached to this
offering.
Shares in connection to this final tranche closed are subject to
TSX Venture approval. The securities in connection with the
offering are subject to a 4-month and 1 day hold period that
expires August 1, 2014 in accordance with the rules and policies of
the TSX Venture Exchange and applicable Canadian securities
laws.
USE OF PROCEEDS
The proceeds from the concurrent financing will be used towards
the implementation of a Direct Application Natural Fertilizer
("DANF") processing facility as part of the Company's plans to
commence development of its Stage 1 production capacity in 2014. In
addition, continued drilling is planned on selected targets already
identified throughout the Bomfim claims as part of the Company's
objective to further expand and delineate potential resources on
the property. Flotation and solubility bulk testing are ongoing at
Bomfim and a Thermal Phosphate process is currently being
investigated as part of DuSolo's Stage 2 production development
plans.
The Company may pay a finder's fee to one or more arms length
parties on a portion of the Private Placement in accordance with
the policies of the TSX Venture Exchange.
ABOUT THE COMPANY
DuSolo Fertilizers Inc. is focused on developing a fully
integrated process to produce phosphate based fertilizers within
the Cerrado region of Brazil as part of a nationwide effort,
incentivized by the government to increase supply of domestically
sourced fertilizers and achieve agricultural self sufficiency.
The Company's shares are publicly traded on the TSX Venture
Exchange under the symbol DSF, on the OTC Pink Sheets under the
symbol ELGSF and on Frankfurt Stock Exchange under the symbol
E6R.
On behalf of the Board of Directors
DuSolo Fertilizers Inc.
"Eran Friedlander"
Eran
Friedlander, President
For more information contact:
Patrick Brandreth
Senior Manager,
Corporate Development
Phone:
1-604-282-7157
Email: patrick@DuSolo.com
Neither the TSX Venture Exchange Inc. nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange Inc.) accepts responsibility for the adequacy
or accuracy of this press release.
SOURCE: DuSolo Fertilizers Inc.
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