October 16, 2023 - Vancouver, British Columbia - Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) announces that further to its news release of October 11, 2023, the Company has received TSX Venture Exchange (TSX-V) acceptance for the following issuances of common shares (the “Shares”) of the Company:
• 428,571 bonus Shares issued in connection with the Company’s issuance of promissory notes for gross proceeds of $150,000. The notes will mature 12 months from the date of issue and bear interest at the rate of 18% per annum which the Company may elect to satisfy such interest by the issuance of Shares subject to acceptance of the TSX-V in each instance. Funds will be used for working capital purposes. There are two noteholders, both of whom are arms’ length parties.
• 675,324 Shares, at a deemed price of $0.08 per Share, issued to settle accrued interest of $54,026 in relation to the promissory notes announced in the news release of April 21, 2023. There are three noteholders, one of whom is an insider of the Company (the “Insider”). The Insider will receive 114,366 Shares to settle accrued interest of $9,149, correcting the amount in the October 11, 2023, news release. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions under sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such related party transaction.
The Shares issued will be subject to a regulatory hold period of four months and a day in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.
ON BEHALF OF THE BOARD
Graeme Lempriere
Chairman and CEO
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 turn solutions for modern agricultural problem into commercially viable products to fulfill new demand.
Clean Seed’s SMART Seeder MAX™ technologies are revolutionary seeding tools that utilize the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row variable rate technology at the forefront of agricultural innovation. Our innovations create a new class of highly accurate seeding equipment designed specifically for today’s farmer.
For further information please contact us at info@cleanseedcapital.com and visit our website at www.cleanseedcapital.com.
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.