NEWS
Viridis Energy Announces Closing of First Tranche of Private Placement
July 5, 2011Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) is pleased to announce that on June 30, 2011, it closed the first tranche of the private placement (the “Private Placement”) of up to $6,000,000 of shares of its common stock originally announced on December 1, 2010, the terms of which were amended on June 30, 2011. Pursuant to the Private Placement, the Company sold and issued 10,000,000 shares of its common stock at a price of $0.25 per share for gross proceeds of $2.43 million. Purchasers of the Private Placement shares also received non-transferable share purchase warrants entitling the holders to purchase half of one share of Viridis common stock at a price of $0.40 per share for a period of 24 months from issuance for every one share of common stock purchased in the offering.
All securities issued pursuant to this tranche of the Company’s Private Placement are subject to a holding period which expires on November 5, 2011. The Private Placement is subject to the acceptance for filing of the TSX Venture Exchange. The proceeds from the Private Placement will be used for general working capital.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in a jurisdiction in which such an offer, solicitation or sale would be unlawful.
Investor Contact: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. 212-681-4108 [email protected]
Company Contact: Michele Rebiere Chief Financial Officer Viridis Energy Inc 905-847-5226 [email protected]
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 forward-looking 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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