[Canada] Algae Dynamics Corp, a development stage company focused on the commercialization of its proprietary BioSilo(R) cultivation system for the growth of algae strains for use in the food and health supplement industry, announced today that its S-1 Registration Statement filing has been declared effective by the Securities & Exchange Commission as of March 3, 2016.
The purpose of the S-1 is to register for resale 400,000 common shares that are subject to the Equity Purchase Agreement signed with RY Capital Group in September 2015 that was previously announced. In addition, certain other shares owned by shareholders of the Company were registered for resale. The registration of the shares pursuant to the EPA permit the Company to sell shares to RY, and RY is obligated to buy such shares, subject to the terms and conditions of the Equity Purchase Agreement. Accordingly, the Company provided a notice in accordance with the terms of the EPA to sell 64,103 shares to RY for gross proceeds of US$62,500 on March 3, 2016.
Paul Ramsay, Chairman and President of the Company said, “We are pleased to announce that the Equity Purchase Agreement made available to us by RY is now active and funding is available. Such funding provides the Company with flexibility in proceeding with our business plan. These funds give us increased flexibility to complete a larger capital raise which we need in order to fully execute on our business plan, as described in our public filings.”
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