March 8, 2018 / TheNewswire / Vancouver, British Columbia - Clean Seed Capital Group Ltd. (TSX-V: CSX) ("Clean Seed" or the "Company") is pleased to announce that it has received funding from Farm Credit Canada (FCC) providing working capital financing for the current production run of its CX-6 SMART Seeder(TM) program.
FCC lives and breathes agriculture, agribusiness and agri-food. It is a self-sustaining federal Crown corporation that reports to Parliament through the Minister of Agriculture and Agri-Food. They have over 1,800 employees, 100 offices across rural Canada and a $33B portfolio. FCC is considered one of Canada's top employers.
Graeme Lempriere, Chief Executive Officer of Clean Seed, states: "Approved working capital financing under commercial terms from a premier Canadian organization such as FCC is another significant achievement for our company. This starting block of production financing positions the Company to begin planning for its 2019 production financing in the coming months. Thank you to the FCC team for your support during this process, we look forward to expanding our relationship as we cultivate growth".
Amounts borrowed by Clean Seed will be repayable from the proceeds of the sale of its spring 2018 units and will be used to fund its production activities.
Clean Seed also advises it has granted 75,000 options to its consultant and 25,000 options to an officer. The options granted to consultants are exercisable at $0.60 and the options granted to its officer are exercisable at $0.55. All options granted are exercisable for a term of five years.
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. are listed on the TSX Venture Exchange and trade under the symbol "CSX".
We are a team of innovators and business management professionals with a proven track record of game changing innovation and production of patented agricultural technologies at an incredibly high level. We pride ourselves as progress facilitators that quickly turn viable concepts and ideas into commercially viable products that can fulfill demand.
The CX-6 SMART Seeder(TM) is commercially available at over 30 leading agricultural equipment outlets in Western Canada and United States and we are proudly delivering SMART Seeder(TM) technology into the hands of large scale farming operations.
For further information please contact Clean Seed at 604-566-9895 and visit our website at http://www.cleanseedcapital.com.
ON BEHALF OF THE BOARD
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Clean Seed Capital Group Ltd. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" as defined under applicable Canadian securities legislation. Forward-looking statements herein include, but are not limited to, statements with respect to the future operations of Clean Seed, the utilization of the financing, repayment of amounts borrowed and availability of future borrowings. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, there is no assurance the operations and the utilization of the financing, repayment of amounts borrowed and the availability of future borrowings outlined herein will be met; and readers should not place undue reliance on forward-looking statements. Clean Seed disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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