- Deveron Corp. (FARM) has signed an agreement dated October 4, 2022, to acquire 100 per cent of the assets of Frontier Labs
- Deveron will consummate the acquisition through cash payment and issuance of shares
- Frontier Labs Inc. is a leading soil lab and agronomy company based in Iowa that services Iowa and Minnesota
- In addition, the company has increased the size of its non-brokered private placement financing to gross proceeds of $2.7 million
- Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs, etc
- Deveron Corp. opened trading at C$0.50 per share
Deveron Corp. (FARM) has signed an agreement dated October 4, 2022, to acquire 100 per cent of the assets of Frontier Labs.
Frontier Labs Inc. is a leading soil lab and agronomy company based in Iowa that services Iowa and Minnesota.
The acquisition builds on Deveron’s strategy to vertically integrate the soil collection and analysis process within its ecosystem while adding important local relationships in one of the United States’ largest agricultural regions.
“Frontier marks the fourth soil lab to join Deveron’s growing, vertically integrated soil lab network and creates important regional distribution in the US mid-west,” noted David MacMillan, President and CEO of Deveron.
“As we continue to grow, we look to empower local leaders like Jim Finstad, CEO of Frontier Labs, and his team to help local agriculture achieve excellence by making impartial data accessible and useful,” he added.
Deveron will consummate the acquisition through cash payment and issuance of shares.
Deveron has agreed to pay Frontier Labs an initial cash payment of US$825,000 upon closing of the acquisition and $412,500 on each of the first two anniversaries following the completion of the definitive agreement.
Deveron will also issue such number of common shares in the capital of the company equal to US$275,000 at a price of $0.50 per common share upon receipt of the approval of the TSX Venture Exchange and an additional number of common shares equal to US$137,500 at a price of $0.50 per common share on each of the first two anniversaries following the signing of the definitive agreement.
In addition, the company has increased the size of its non-brokered private placement financing to gross proceeds of $2.7 million.
The company did this through the issuance of 5.4 million common shares in the capital of the company at a price of $0.50 per common share.
Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes.
Deveron Corp. opened trading at C$0.50 per share.
