NEWS
Viridis Energy Inc. Amends Terms of Private Placement
March 2, 2011Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) is pleased to announce that due to additional interest by investors, the non brokered private placement, previously announced on December 1, 2010 (the "Private Placement") is being increased to up to 12,000,000 million units at a price of $0.50 per Unit, for gross proceeds of up to $6,000,000.
Viridis also wishes to announce that the closing of the Private Placement will be extended to provide additional time for the Company and its investors to complete and deliver the subscription agreements and related documents.
Each Unit remains as one common share and one non-transferable share purchase warrant with each warrant entitling 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.
All other terms of the Private Placement remain the same.
The private placement is subject to the acceptance for filing of the TSX Venture Exchange.
About Viridis Energy Inc.
Viridis Energy Inc. (TSXV: VRD) is a publicly traded, "Cleantech" alternative energy company specializing in the agricultural and wood waste biomass. Located in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing and Okanagan Pellet Company, two acquisitions in the wood pellet sector, thus providing the company with vertical integration for distribution and manufacturing.
For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca.
Forward-looking Statements: Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future operations. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forwardlooking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for biofuels, (3) the risk that the Company does not execute its business plan, (4) inability to finance operations and growth (5) inability to retain key management and employees, (6) ; an increase in the number of competitors with larger resources, and (7) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and the Company intends to update such forward looking information in the Company's MD&A; in the event that actual results differ materially from such forward-looking statements contained herein. Additional information about these and other assumptions, risks and uncertainties are set out in the “Risks and Uncertainties” section in the Company’s MD&A; filed with Canadian security regulators.
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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