Agricon Global Corporation Announces Completion of Private Placement
(firmenpresse) - LEHI, UT -- (Marketwire) -- 07/12/12 -- Agricon Global Corporation (Agricon) (OTCBB: AGRC), announced today the completion of its initial private placement of 1,220,000 shares of its common stock.
As part of Agricon's requirements to acquire all of the outstanding shares of Canola Property Ghana Limited (CPGL) which was completed on March 31, 2012, Agricon undertook to raise at least $600,000 in an initial round of funding to finance startup activities of the combined companies. The company received subscriptions and cash receipts for $610,000 as of July 12, 2012.
Bob Bench, President of Agricon, said: "In addition to the CPGL long-term lease we have identified two additional long-term leases (50 years) totally over 30,000 acres of agricultural land in Ghana, West Africa. With the initial capital we have completed the survey of the land, paid the first down payments on the three leases, opened our offices in Ghana, secured the services of three top executives and hired our senior managers to oversee our farming operations. We are now prepared to raise our second round of funding to begin clearing the land and planting of our first crops."
James Jensen, Board Chairman, added: "We are encouraged with the significant world-wide investor interest in large agricultural projects especially in Ghana where the Ghanaian Government is stable and helpful in their support of our agricultural activities. We believe that there is a significant demand, especially in the African countries for increased production of food crops using modern farming techniques on underdeveloped lands. The Company will now plan its next capital raise of up to $10,000,000 for equipment, facilities and farm operations through its first harvest, which is anticipated in early 2013."
About Agricon Global Corporation
Agricon is a development stage smaller reporting public company that recently acquired 100% interest in CPGL, based in Ghana West Africa. Agricon has located over 30,000 acres of agricultural land that it proposes to lease for cultivating and harvesting agricultural products. Agricon plans to cultivate and produce several rotation crops including maize (corn), sunflower, soya and canola.
Forward-Looking Statements
Statements about the expected timing, and all other statements in this press release, other than historical facts, constitute forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those projected. A number of the matters discussed herein that are not historical or current facts deal with potential future circumstances and developments which may or may not materialize. This press release speaks only as of its date, and except as required by law, we disclaim any duty to update the information herein.
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Datum: 12.07.2012 - 14:42 Uhr
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News-ID 1132752
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