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TORONTO, Aug. 27, 2018 /CNW/ - Sagittarius Capital Corporation (NEX Board: SCX.H) ("Sagittarius" or the "Company"), a capital pool company, is pleased to provide a shareholder update regarding its proposed transaction with Irri-Al-Tal Ltd. ("Irri-Al-Tal" or "IAT").
As previously announced (see press release dated June 27, 2018) the Company is proposing to complete its qualifying transaction with Irri-Al-Tal.
Pursuant to such transaction the Company will be completing a public offering of units ("Units") of the Company (the "Offering") via a prospectus and the Company is pleased to announce that it filed its preliminary prospectus (the "Prospectus") in respect of such offering on August 23, 2018. The Prospectus was filed with the securities regulatory authorities in each of the provinces of Ontario, British Columbia, and Alberta.
The Offering is being made on a commercially reasonable efforts agency basis led by Leede Jones Gable Inc. (the "Agent"). The Offering consists of a minimum of 8,000,000 Units and a maximum of 16,000,000 Units at a price of $0.25 per Unit for gross proceeds of a minimum of $2,000,000 and a maximum of $4,000,000. Each Unit is comprised of one common share of the Company ("Common Shares") and one half of one common share purchase warrant ("Warrants"). Each Warrant is exercisable into one Common Share at $0.40 per Common Share for 24 months from the closing of the Offering (subject to certain conditions).
The Company also granted the Agent an option to offer up to an additional 15% of the Units (2,400,000 additional Units for gross proceeds up to $600,000), solely to cover over-allotments, if any, exercisable in whole or in part, at any time up to 48 hours prior to the closing of the Offering.
In addition, the Company is also pleased to announce that all matters were approved at its recent annual and special meeting of shareholders including the name change and share consolidation that are conditions to the completion of the transaction with IAT.
Irri-Al-Tal is an agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. Irri-Al-Tal competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. Irri-Al-Tal was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America. Irri-Al-Tal's past projects include vineyards, water reservoirs, fish farms, sorghum silos, fresh produce cooling rooms and more, in over 15 countries. For more information regarding Irri-al-Tal please visit http://www.irri-altal.com/.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the prospectus prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This press release contains "forward-looking information", as such term is defined in applicable Canadian securities legislation. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and each of Sagittarius and Irri-Al-Tal disclaim any intention or obligation to update or revise such information, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sagittarius Capital Corporation