DUSOLO TO CHANGE NAME TO FENGRO INDUSTRIES CORP. EFFECTIVE DECEMBER 18, 2017, EXTENDS CONVERTIBLE LOAN TO MARCH 2018
December 15th, 2017 – VANCOUVER, BRITISH COLUMBIA: DuSolo Fertilizers Inc. (TSX-V:DSF) (“DuSolo” or “the Company”) is pleased to announce that it has changed its name from Dusolo Fertilizer Inc. to Fengro Industries Corp. The Company’s new stock ticker will be “FGR”. The name change will become effective December 18, 2017.
The Company is further pleased to announce that it has agreed to an extension of its convertible loan agreement with Tembo Capital Mining Fund LP (“Tembo”) announced on December 8 2016 (the “Loan Agreement”). Pursuant to the Loan Agreement, Tembo advanced $876,267 (the “Loan”) to the Company, which had an interest rate of 10%, and an establishment fee of 5%. The maturity date of the Loan has been extended to March 31, 2018. The interest rate of 10% is maintained in respect of the extended loan, and a further 2% establishment fee is payable in respect of the extension. Accrued interest and the original establishment fee have been capitalised and added to the principal amount of the Loan, bringing it to $1,006,267. All other terms of the Loan Agreement remain unchanged. The extension is subject to TSX-V approval.
Tembo may, at any time, convert the Loan and all interest and fees accruing thereunder into Units at a price of $0.50 per Unit (the “Conversion Price”). Each Unit shall consist of one common share of the Company (a “Common Share”) and one-half of a Common Share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder to acquire one common share at an exercise price of C$0.65 for a period of 36 months from the date of issuance to the Lender.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.