Stevia First Corp. Closes $1.5 Million Private Placement With Institutional Investors at $0.30 per Share
May 26, 2015
Company Experiences Continued Support From Leading Investment Funds
SACRAMENTO, CA--Stevia First Corp. (OTCQB: STVF) ("Stevia First" or the "Company"), an agricultural biotechnology company based in California's Central Valley growing region and focused on the industrial scale production of stevia, the all-natural zero-calorie sweetener that is rapidly transforming the food and beverage industry, is pleased to announce that it has successfully closed its previously announced financing with institutional investors.
Stevia First Corp. entered into a definitive securities purchase agreement for investors to purchase at a price of $0.30 per share an aggregate of approximately $1.5 million of the Company's common stock in a private placement. In addition, the Company issued to the investors three series of warrants to purchase additional shares of common stock. The financing was received and closed on May 11, 2015, and the full details of the transaction are available in the Company's public filings on a Form 8-K.
The shares and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were issued only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares and of the shares of common stock issuable upon exercise of the warrants.
Stevia First will use the proceeds from this financing for general corporate purposes, including to advance stevia commercialization efforts and to support research and development operations. "We are thrilled to have continued support from leading investment funds," says Robert Brooke, CEO of Stevia First. Mr. Brooke adds that "The financing was on quite good terms, and based on my prior experience as a hedge fund analyst managing hundreds of similar investments, this event bodes well for propelling the company's future growth. We continue to position ourselves for breakout revenues and growth, by leveraging technologies and supply chain solutions that could rapidly increase global supply of stevia, an increasingly critical ingredient for multinational food and beverage giants. What our team has accomplished within a very short timeframe is clearly exciting and novel to many within the industry, and we look forward to advancing our efforts in collaboration with key stevia buyers."
About Stevia First Corp. (OTCQB: STVF)
Stevia First Corp. is an agricultural biotechnology company that is enabling dramatically healthier food and nutrition products. For more information visit: www.steviafirst.com and connect with the Company on Twitter, LinkedIn, Facebook and Google+.
About the Stevia Industry
The market for all-natural, zero-calorie stevia sweeteners is expanding rapidly. The World Health Organization (WHO) estimates stevia intake could eventually replace 20-30% of all dietary sweeteners. The total global sweetener market was estimated at $58.3 billion in 2010. For more information visit: www.steviafirst.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, projections of worldwide sales of stevia products, growth of stevia production and global markets. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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