TORONTO, May 19, 2016 /CNW/ - Zaff LP ("Zaff") announced that it has entered into a subscription agreement with Stonegate Agricom Ltd. ("Stonegate") pursuant to which Zaff will acquire, by way of private placement (the "Private Placement"), ownership of and control over 84,000,000 common shares of Stonegate (the "Shares") at a price of $0.0175 per share, for an aggregate purchase price of $1.47 million.
As of the date hereof, Zaff does not own or control any common shares of Stonegate. It is anticipated that immediately following completion of the Private Placement (and assuming that no other common shares of Stonegate are issued), Zaff will own 19.8% of the common shares of Stonegate that are issued and outstanding at that time.
The Shares are being acquired for investment purposes. However, Zaff may take such actions in respect of its holdings as it deems appropriate in light of the circumstances then existing, including, without limitation, acquisitions or dispositions of Shares, whether in the open market, by privately negotiated agreement or otherwise, or in connection with a strategic transaction with Stonegate.
The head office of Stonegate is located at Suite 1300 – 20 Adelaide Street East, Toronto, Ontario, M5C 2T6.
SOURCE Zaff LP
For further information: Zaff LP, P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands, KY1-1104, Attention: Brent de Jong, Telephone: 1-713-239-2701