NEWS
Viridis Energy Announces Private Placement
March 31, 2010Viridis Energy Inc. (TSXV:VRD) is pleased to announce that it has arranged a non-brokered private placement (the "Private Placement") of up to 10,000,000 units (the "Units") of Viridis at a price of $0.50 per Unit, for gross proceeds of up to $5,000,000. .
Each Unit is comprised of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder thereof to purchase an additional common share at a price of $0.75 per share for a period of 24 months from issuance. .
In the event that the average trading price of Viridis' common shares is $1.35 or greater for a period of 30 consecutive days, Viridis may issue a further news release announcing its intention to reduce the exercise period to 30 days from the date of such news release, subject to the terms and conditions of the Warrants. .
The proceeds will be used to fund its recently announced acquisition of Westwood Fibre Products, continue its expansion plans and for working capital. A finder's fee may, in the discretion of Viridis but subject to the policies of the TSX Venture Exchange, be paid to agents of Viridis with respect to the Private Placement. .
About Viridis Energy Inc. Viridis Energy Inc. (TSX: VRD-V) is a publicly traded, "cleantech" energy company specializing in the production and distribution of premium, softwood pellets, an alternative heating and energy source. Based in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing whose primary business is wood pellets, an alternative energy source that is both renewable and available at lower costs, relative to traditional energy and heat sources. The Company has over 250 customers in North America and distributes four brands including its proprietary, leading brand Okangan Pelletsâ?¢. This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. 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 release.
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