VANCOUVER, BC / ACCESSWIRE / April 1, 2014 / DuSolo Fertilizers Inc., (TSX-V: DSF) (PINK SHEETS: ELGSF.PK) (Frankfurt: E6R.F) ("DuSolo" or "the Company"), is very pleased to announce it has oversubscribed and closed the final tranche of its non-brokered private placement in the amount of 3,189,474 shares or $606,000 CND at a price of nineteen (19) cents per share for a total of 15,789,474 shares or $3,000,000 CND previously announced February 24th, 2014. There are no warrants attached to this offering.
Shares in connection to this final tranche closed are subject to TSX Venture approval. The securities in connection with the offering are subject to a 4-month and 1 day hold period that expires August 1, 2014 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
USE OF PROCEEDS
The proceeds from the concurrent financing will be used towards the implementation of a Direct Application Natural Fertilizer ("DANF") processing facility as part of the Company's plans to commence development of its Stage 1 production capacity in 2014. In addition, continued drilling is planned on selected targets already identified throughout the Bomfim claims as part of the Company's objective to further expand and delineate potential resources on the property. Flotation and solubility bulk testing are ongoing at Bomfim and a Thermal Phosphate process is currently being investigated as part of DuSolo's Stage 2 production development plans.
The Company may pay a finder's fee to one or more arms length parties on a portion of the Private Placement in accordance with the policies of the TSX Venture Exchange.
ABOUT THE COMPANY
DuSolo Fertilizers Inc. is focused on developing a fully integrated process to produce phosphate based fertilizers within the Cerrado region of Brazil as part of a nationwide effort, incentivized by the government to increase supply of domestically sourced fertilizers and achieve agricultural self sufficiency.
The Company's shares are publicly traded on the TSX Venture Exchange under the symbol DSF, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors
DuSolo Fertilizers Inc.
"Eran Friedlander"
Eran Friedlander, President
For more information contact:
Patrick Brandreth
Senior Manager, Corporate Development
Phone: 1-604-282-7157
Email: [email protected]
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: DuSolo Fertilizers Inc.