Clean Seed Capital Finalizes US$5M Transaction With AMVAC With TSX Venture Exchange Approval Of US$2.5M Private Placement
May 12, 2020 - Vancouver, British Columbia - Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) announces that, further to its news release of April 2, 2020 regarding its strategic license and investment agreement with US based AMVAC Chemical Corporation (“AMVAC”), the Company has received approval of the TSX Venture Exchange to AMVAC’s private placement with Clean Seed.
AMVAC invested US$2,500,000 through the purchase of 6,250,000 common shares of the Company at a price of US$0.40 per share. The shares will be subject to the usual four-month resale restrictions, expiring August 8, 2020.
As part of this relationship Clean Seed has also licensed AMVAC certain intellectual property rights for a US$2,500,000 upfront fee and an ongoing royalty of certain delivery systems. Clean Seed will provide ongoing development support as the parties may mutually agree to for future growth and diversification opportunities.