AgriFORCE Growing Systems, an intellectual property (“IP”)-focused agtech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, announced the company has entered into a definitive agreement for a convertible debt facility. The principal amount is for $14.025 million, subject to a 10% original issue discount, with a potential additional principal amount of $33 million with accredited institutional investors. According to the announcement, AgriFORCE anticipates initially receiving $12.75 million, with the right to receive the additional $33 million in one or more tranches at the discretion of the investors. Those funds would be subject to certain conditions and issued at then-current market prices. The company noted that the investors have received 3.5-year warrants with 65% warrant coverage at an initial exercise price of $2.442 per share, subject to customary adjustments. The company plans to use the net proceeds for the closing of its previously announced acquisition of Delphy Groep BV. “We are pleased to announce the consummation of this convertible debt facility, which provides us with additional flexibility by virtue of our ability to redeem the notes at a nominal premium,” said AgriFORCE CEO Ingo Mueller in the press release. “This facility is intended to finance the previously announced acquisition of Delphy, a Netherlands-based AgTech consultancy firm, while providing certain redemption rights in an effort to manage equity dilution.”

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About AgriFORCE Growing Systems Ltd.

AgriFORCE Growing Systems is an agtech company focused on building an integrated agtech platform that combines the best technology, intellectual property and knowledge to solve an urgent problem: providing the best solutions to help drive sustainable crops and nutritious food for people around the world. Looking to serve the global market, the company’s current focus is on North America, Europe and Asia. The AgriFORCE vision is to be a leader in delivering plant-based foods and products through an advanced and sustainable agtech platform that makes positive change in the world, from seed to table. To learn more about the company, please visit www.AgriForceGS.com

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