BELO HORIZONTE, Brazil, Nov. 14, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) announces that it sold 87,500 tonnes of its multinutrient potassium fertilizer, marketed and sold in Brazil under the brand K Forte® and internationally as Super Greensand® (“the Product”), until Q3 2019 and provides its third quarter results.
The Company informs that it will not achieve the stated sales target of 200 thousand tonnes for 2019. The Company estimates a total of 110 thousand tonnes will be sold in 2019, totaling revenues of R$16.3 Million (C$5.3 Million). For 2020 the company’s sales target is revised lower to R$32 Million (C$10.6 Million).
Q3 2019 Highlights
- Verde has produced 52,111 tonnes of product and has sold 62,855 tonnes during Q3. The Group had produced 33,760 tonnes and sold 23,625 tonnes in Q2.
- The Group recognized revenues of $3,055,000 in Q3 and made a gross profit of $1,559,000 from the sale of the Product.
- The Group recorded in Q3 a profit before tax of $97,000 and net profit of $1,000 after taxes.
- In July, mining permits for Mine Pit 1 and 3 were granted.
- In August, the Company was granted an environmental license for a new plant, to be built on a site adjacent to Mine Pit 2 with annual production of 890 thousand tonnes per annum of product.
- In September, the Company applied for an operational license (“Licença de Operação” – “LO”) that will authorize the start of operation in Mine Pit 1.
- In September, Verde ended the contract with Mr. Daniel Sabbag, Vice President Sales.
In total, the Group is currently fully permitted to produce 149,800 tonnes per annum and has applications pending for an additional 333 thousand tonnes per annum.
Subsequent event
- Plant 1 expansion was concluded in October increasing Plant 1’s production capacity to 500 thousand tonnes per year.
About Verde AgriTech
Verde AgriTech promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.investor.verde.ag | www.supergreensand.com | www.verde.ag
Cautionary Language and Forward Looking Statements
All Mineral Reserve and Mineral Resources estimates reported by the Company were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards (May 10, 2014). These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
This document contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to:
(i) the estimated amount and grade of Mineral Resources and Mineral Reserves;
(ii) the PFS representing a viable development option for the Project;
(iii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods;
(iv) the estimated amount of future production, both produced and sold; and,
(v) estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Verde’s or its consultants’ current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include:
(i) the presence of and continuity of resources and reserves at the Project at estimated grades;
(ii) the geotechnical and metallurgical characteristics of rock conforming to sampled results; including the quantities of water and the quality of the water that must be diverted or treated during mining operations;
(iii) the capacities and durability of various machinery and equipment;
(iv) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times;
(v) currency exchange rates;
(vi) Super Greensand® sales prices, market size and exchange rate assumed;
(vii) appropriate discount rates applied to the cash flows in the economic analysis;
(viii) tax rates and royalty rates applicable to the proposed mining operation;
(ix) the availability of acceptable financing under assumed structure and costs;
(x) anticipated mining losses and dilution;
(xi) reasonable contingency requirements;
(xii) success in realizing proposed operations;
(xiii) receipt of permits and other regulatory approvals on acceptable terms; and
(xiv) the fulfilment of environmental assessment commitments and arrangements with local communities.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted; variations in rates of recovery and extraction; the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post closure, or the rate of flow of the water being different; developments in world metals markets; risks relating to fluctuations in the Brazilian Real relative to the Canadian dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals; delays in stakeholder negotiations; changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; the effects of competition in the markets in which Verde operates; operational and infrastructure risks and the additional risks described in Verde’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com ) for the year ended December 31, 2016. Verde cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Verde, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Verde does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Verde or on our behalf, except as required by law.
BELO HORIZONTE, Brazil, Aug. 14, 2019 (GLOBE NEWSWIRE) — In a release issued earlier today by Verde AgriTech (TSX: “NPK”) (OTCQB: “AMHPF”), under the headline “Verde sells 38,585 tonnes of Super Greensand® during First Half 2019,” please note that the amount in the headline should be 24,670 tonnes of Super Greensand®, not 38,585 tonnes.
Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to provide an update on the construction of its new plant and present its second quarter results for 2019.
As announced on October 17, 2018, Verde is expanding its production capacity. The current processing facility’s capacity is 200 thousand tonnes and total production capacity will increase to 500 thousand tonnes per annum of product. Construction of the expanded plant started in July and will be finalized in Q3 2019. The Company is investing approximately C$1 Million in this expansion.
In addition, the company has applied for an environmental license to build a new facility with a total capacity for 900 thousand tonnes per annum of product.
Q2 2019 Highlights
- Verde has produced 33,760 tonnes of Super Greensand®, of which 23,625 tonnes were sold during Q2. In Q1, the Group produced 4,825 tonnes and sold 1,045 tonnes, totaling 38,585 tonnes produced and 24,670 tonnes sold throughout the six months ended June 30.
- The orders delivered in Q2 2019 generated revenue of C$1,329,000 and a gross profit of C$669,000 from the sale of Super Greensand®. Total revenue for the six months ended June 30 of C$1,483,000.
- For Q2 2019, the Group recorded a net loss before tax of $175,000.
- In April 2019, Verde appointed Mr. Daniel Sabbag as Vice President of Sales. Mr. Sabbag devoted 14 years to the fertilizer business while working at Heringer, which he was instrumental in turning the company into one of Brazil’s three largest fertilizer companies.
Subsequent events
- On July 16, 2019, Verde obtained a mining permit to produce an additional 49,8 thousand tonnes per year at Mine Pit 3.
- On July 19, 2019, the Company obtained a mining permit for an annual production of 233 thousand tonnes per year at Mine Pit 1. The required environmental license application will be filed on August 2019.
- On July 23, 2019, Verde was selected by Endeavor to participate in the Endeavor 2019 Scale-Up Acceleration Program. Endeavor is a non-profit organization supported by some of the world’s most successful entrepreneurs and companies. The organization is leading the global high-impact entrepreneurship movement to drive long-term economic growth and build strong entrepreneurship ecosystems.
About Verde AgriTech
Verde AgriTech promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com | www.supergreensand.com
Cautionary Language and Forward Looking Statements
All Mineral Reserve and Mineral Resources estimates reported by the Company were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards (May 10, 2014). These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
This document contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements” are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to:
- the estimated amount and grade of Mineral Resources and Mineral Reserves;
- the PFS representing a viable development option for the Project;
- estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods;
- the estimated amount of future production, both produced and sold; and,
- estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “envisages”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Verde’s or its consultants’ current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include:
- the presence of and continuity of resources and reserves at the Project at estimated grades;
- the geotechnical and metallurgical characteristics of rock conforming to sampled results; including the quantities of water and the quality of the water that must be diverted or treated during mining operations;
- the capacities and durability of various machinery and equipment;
- the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times;
- currency exchange rates;
- Super Greensand® sales prices, market size and exchange rate assumed;
- appropriate discount rates applied to the cash flows in the economic analysis;
- tax rates and royalty rates applicable to the proposed mining operation;
- the availability of acceptable financing under assumed structure and costs;
- anticipated mining losses and dilution;
- reasonable contingency requirements;
- success in realizing proposed operations;
- receipt of permits and other regulatory approvals on acceptable terms; and
- the fulfilment of environmental assessment commitments and arrangements with local communities.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted; variations in rates of recovery and extraction; the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post closure, or the rate of flow of the water being different; developments in world metals markets; risks relating to fluctuations in the Brazilian Real relative to the Canadian dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals; delays in stakeholder negotiations; changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; the effects of competition in the markets in which Verde operates; operational and infrastructure risks and the additional risks described in Verde’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2016. Verde cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Verde, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Verde does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Verde or on our behalf, except as required by law.
BELO HORIZONTE, Brazil, May 27, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) held its Annual and Special Meeting (“ASM”) of shareholders on Friday, May 24th, 2019 in Toronto, Canada and is pleased to announce that its shareholders approve all items put before them.
The director nominees were elected as directors of the Company. Shareholders adopted the Directors’ Report, the Audited Statement of Accounts and the Auditors’ Report for the year ended December 31, 2018, and appointed BDO LLP as auditors of the Company for the ensuing year. In addition, shareholders also approved the Company’s proposal to authorize the Company’s directors to fix their remuneration and issuance of ordinary shares to directors and management. The results of the election of directors are as follows:
| Item Voted Upon |
Voting Result |
| Election of Directors nominated in the Company’s management information circular dated April 13th, 2019 |
* The nominees proposed by management were elected by ballot by shareholders, as follows: |
|
Votes For
___________________ |
Votes Withheld
___________________ |
| Alysson Paulinelli |
8,484,275
(96.67%) |
291.824
(3.33%) |
| Paulo Sergio Ribeiro Machado |
8,741,599
(99.61%) |
34,500
(0.39%) |
| Cristiano Veloso |
8,741,590
(99.61%) |
34,509
(0.39%) |
| Getulio Lamartine |
8,503,166
(96.89%) |
272,933
(3.11%) |
| Renato Gomes |
8,512,166
(96.99%) |
263,933
(3.01%) |
|
Michael St. Aldwyn |
8,761,599
(99.83%) |
14,500
(0.17%) |
| Special Business to approve the issuance of ordinary shares to directors and management |
|
|
|
|
Votes For
___________________ |
Votes Withheld
___________________ |
|
1,743,440
(89.07%) |
214,039
(10.93%) |
About Verde AgriTech
Verde AgriTech promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com | www.supergreensand.com
Cautionary Language and Forward Looking Statements
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain “forward-looking statements”, which include but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding use of proceeds. Forward-looking statements can generally be identified by the use of words such as “plans”, “expects”, or “does not expect” or “is expected”, “anticipates” or “does not anticipate”, or “believes”, “intends”, “forecasts”, “budget”, “scheduled”, “estimates” or variations of such words or phrases or state that certain actions, event, or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved”. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by said statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in said statements. Accordingly, readers should not place undue reliance on forward-looking statements. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Verde AgriTech plc” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
BELO HORIZONTE, Brazil, April 04, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to welcome Daniel Sabbag as Vice President of Sales. Mr. Sabbag is a sales professional with 30 years of experience in the agricultural sector, including major companies such as Fertilizantes Heringer SA (“Heringer”), Monsanto Company, Bequisa – Degesh Group and Cargill.
More recently, Mr. Sabbag devoted 14 years to the fertilizer business while working at Heringer, one of Brazil’s three largest fertilizer companies. Heringer produces, commercializes and distributes fertilizers through multiple branches across the country.
As a senior executive at Heringer, Mr. Sabbag was head of the sales department overseeing yearly revenues of USD 250 million. Mr. Sabbag was responsible for trade operations throughout Brazil and led a team of over 30 professionals plus a network of 110 independent sales agents.
Among Mr. Sabbag’s successes was his leadership of the overall expansion of Heringer, when he opened 7 new fertilizer plants. He also oversaw the introduction of new product lines such as premium fertilizers.
Mr. Sabbag holds an MBA from FGV – Fundação Getúlio Vargas and a bachelor’s degree in Agronomic Engineering from ESALQ/ USP, Brazil.
President and CEO, Cristiano Veloso, commented: “We are proud that Mr. Sabbag has chosen to continue his career at Verde, given his many options in the Brazilian fertilizer sector. He will oversee continued sales success in 2019 and, above all, position the company for planned market expansions in 2020 and beyond.”
About Verde AgriTech
Verde promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which Verde intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
Cautionary Language and Forward Looking Statements
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain “forward looking statements”, which include but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding use of proceeds. Forward looking statements can generally be identified by the use of words such as “plans”, “expects”, or “does not expect” or “is expected”, “anticipates” or “does not anticipate”, or “believes”, “intends”, “forecasts”, “budget”, “scheduled”, “estimates” or variations of such words or phrases or state that certain actions, event, or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved”. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by said statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in said statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Verde AgriTech plc” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
BELO HORIZONTE, Brazil, March 29, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to announce the financial results for the fourth quarter (“Q4 2018”) and twelve months (“FY 2018”) ended December 31, 2018.
(All figures are in Canadian dollars)
- Total volume sold in 2018: 29,648 tonnes, six times more than in 2017.
- Verde received nearly 50,000 tonnes of orders in 2018.
- Total revenues of $1.358 million at a production cost of $1.067 million, generating a gross profit of $291 thousand (21.4%).
- Net loss of $1.703 million.
- Cash at end of period of $836 thousand, 30% higher than prior year.
- Loss per share of $0.041.
“2018 was the first year of commercial production at Verde. The Company’s plant started operations in July 2018. Considering the usual ramp-up challenges, and a single salesman working full time to have achieved 29,648 tonnes of sales and delivery of over 21% gross margin profit was an outstanding result,” said CFO Felipe Paolucci.
Selected Annual Financial Information
| All amounts in $’000 |
Year to
Dec 31, 2018 |
Year to
Dec 31, 2017 |
Year to
Dec 31, 2016 |
| Super Greensand® sales (tonnes) |
29,648 |
|
– |
|
– |
|
| Revenue |
1,358 |
|
– |
|
– |
|
| Production costs |
1,067 |
|
– |
|
– |
|
| Gross Profit |
29 |
|
|
|
| Selling and distribution expenses |
59 |
|
– |
|
– |
|
| Administrative expenses |
1,871 |
|
1,576 |
|
1,204 |
|
| Impairment of intangible asset |
– |
|
663 |
|
– |
|
| Net loss |
(1,703) |
|
(2,204) |
|
(1,172) |
|
| Cash Flow utilised in operating activities |
(502) |
|
(1,119) |
|
(1,007) |
|
| Cash Flow utilised in investing activities |
(187) |
|
(1,791) |
|
(989) |
|
| Cash Flow from financing activities |
933 |
|
1,809 |
|
– |
|
| Net increase (decrease) in cash |
244 |
|
(1,101) |
|
(1,996) |
|
| Cash and cash equivalents at end of period |
836 |
|
645 |
|
1,763 |
|
| Total Assets |
31,610 |
|
26,012 |
|
27,169 |
|
| Total Liabilities |
7,785 |
|
465 |
|
188 |
|
| Working Capital |
780 |
|
1,930 |
|
1,802 |
|
| Weighted average number of shares outstanding (‘000) |
41,020 |
|
38,523 |
|
37,617 |
|
| Loss per share (basic and diluted) ($) |
(0.041) |
|
(0.057) |
|
(0.031) |
|
Highlights of the Fourth Quarter
In October 2018, the Group announced it had sold out of Super Greensand®. It also announced its expansion for 2019, which include continuing to use the existing processing plant to produce 200 thousand tonnes per year and, in parallel, start construction of a new processing facility capable of producing an added 600 thousand tonnes per annum. The total 800 thousand tonnes per annum capacity is expected to be reached by early 2020. Financing is expected to be a mix of accumulated cashflow and debt from BNDES bank.
Subsequent events
On February 26, 2019 the group announced a non-brokered private placement to raise up to C$1 million (the “Placement”) through the issuance of up to 1,666,666 units of securities (“Units”) at a price of $ 0.60 per Unit. Each Unit was comprised of one ordinary share of the Company (an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to purchase an Ordinary Share at an exercise price of $1.00 until the second anniversary of the closing of the Placement. The Warrants are unlisted.
The placement closed on March 13, 2019, raising $1.7 million by issuing 2,820,114 units of securities. It included inside investments from president & CEO Cristiano Veloso, who purchased 912,416 Units; CFO Felipe Paolucci, who purchased 166,667 Units; and Director Michael St Aldwyn, who purchased 83,333 Units.
On March 4, 2019 the group was pleased to welcome Felipe Paolucci as the CFO. Mr. Paolucci is an executive with over 15 years of experience in finance in multinational companies and over 9 years of experience in the agricultural business. Mr. Paolucci will be based in Belo Horizonte, Brazil, and will replace Mr. Tim Slater, who has acted as the Company’s interim CFO for the past few years.
About Verde AgriTech
Verde promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which Verde intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
Cautionary Language and Forward Looking Statements
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain “forward looking statements”, which include but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding use of proceeds. Forward looking statements can generally be identified by the use of words such as “plans”, “expects”, or “does not expect” or “is expected”, “anticipates” or “does not anticipate”, or “believes”, “intends”, “forecasts”, “budget”, “scheduled”, “estimates” or variations of such words or phrases or state that certain actions, event, or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved”. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by said statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in said statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Verde AgriTech plc” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
