FOR IMMEDIATE RELEASE: April 25, 2023
Toronto,Ontario– Deveron Corp. (TSX-V:FARM) (“Deveron” or the “Company”), a leading agriculture service and data company in North America, is pleased to announce that further to its press release of April 14, 2023, the previously announced non-brokered private placement common shares (each, a “CommonShare“) in the capital of the Company at a price of $0.31 per Common Share for has been increased to 16,774,194 Common Shares for aggregate gross proceeds of $5,200,000 (the “Offering“).
Gross proceeds of the Offering will be to fund Deveron’s M&A strategy, consolidating the fragmented soil lab and crop consultant market in North America. The Company intends to enter into subscription agreements with each subscriber and have the distribution of the Common Shares will be qualified pursuant to a shelf prospectus supplement (a “ProspectusSupplement“) to the Company’s short form base shelf prospectus for each of the provinces of Canada, except Quebec, dated November 30, 2021 (the “BaseShelfProspectus“).
There is no agent or underwriter involved with the issuance of the Common Shares, however, the Company may pay certain eligible finders a commission or finder’s fee in connection with the Offering. The completion of the Offering is expected to close on or about April 27, 2023 and, remains subject to all regulatory and other approvals, including the approval of the TSX Venture Exchange. Prior to the completion of the Offering, the Prospectus Supplement will be made available on the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, where interested parties can also find copies of the Base Shelf Prospectus.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S.SecuritiesAct”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
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” withinthemeaningofthatphraseunderCanadiansecuritieslaws. Without limitation, statements regarding future plansand objectives of the Company are forward lookingstatementsthatinvolvevariousdegreesofrisk.Forward-lookingstatementsreflectmanagement’scurrentviewswithrespecttopossiblefutureeventsandconditionsand,bytheirnature,arebasedonmanagement’sbeliefsandassumptionsandsubjecttoknownand unknownrisksanduncertainties,bothgeneralandspecifictotheCompany.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarereasonable,suchstatementsarenotguaranteesoffutureperformanceand actual resultsor developmentsmay differ materially fromthose inour forward-looking statements.The following are importantfactorsthatcouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlooking statements:changesintheworld-widepriceofagriculturalcommodities,generalmarketconditions,risksinherentinagriculture, theuncertaintyoffutureprofitabilityandtheuncertaintyofaccesstoadditionalcapital.Additionalinformationregardingthematerial factors andassumptionsthat wereapplied in making these forward looking statementsaswellas the various risksanduncertaintieswefacearedescribedingreaterdetailinthe”RiskFactors”sectionofourannualandinterimManagement’sDiscussionand Analysis of our financial results and other continuous disclosure documents and financial statements we file with theCanadiansecuritiesregulatory authoritieswhichareavailableatwww.sedar.com. TheCompanyundertakesnoobligationtoupdatethisforward-lookinginformationexceptasrequiredbyapplicablelaw. TheCompanyreliesonlitigationprotectionfor forward looking statements.