Vancouver, BC (November 21, 2022) - Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) is pleased to announce our technology team completed the final stages of the MINI-MAX™ winter wheat seeding technology demonstrations in Punjab and Haryana, in collaboration with Northern Farmers Mega FPO and Chandigarh University.
MINIMAX™ Program accomplishments:
We would like the thank the following individuals and groups for their time and contributions towards our efforts to bring MINI-MAX™ to India.
Our successful efforts in India to date have verified that the MINI-MAX™ can bring a paradigm shift to farming in India with its unique stubble management and true zero-till one-pass precision multi-crop seeding and fertilizer application capabilities. Alterations to the current practices such as stubble burning and poor residue management continue to be a priority for India and demand for SMART Seeder™ technology is gaining traction in India with support from Government officials, farmer co-ops, customers and manufacturers.
Thank you to the Canadian Consulate General’s Office in Chandigarh and the Saskatchewan Trade and Investment Office in New Delhi for your continued support as we completed our program.
Graeme Lempriere, Chairman & CEO states:
“India is one of the world's biggest agricultural markets and is projected to be one of the world’s fastest growing economies in 2022 with a projected growth rate at 6.7%. India is focused on adopting new technologies that address the environmental challenges currently facing the agriculture sector. India has substantial room for collaborative economic development within the agricultural sector and Clean Seed is firmly rooted in its commitment to contribute to the advancement of the sector. I would like to thank our team for its tireless efforts both on the ground in India and here at home to bring MINI-MAX™ to India for 2023.”
The Company has amended a promissory note totaling $510,500 whereby the lender agreed to advance the Company an additional $400,000 to increase the principal amount under the note to $910,500. The promissory note will continue to bear interest of 8% per annum and will now mature on March 31, 2023. Funds will be used for general working capital purposes. As consideration for amending the promissory note, the Company will issue the creditor 2,000,000 bonus warrants (the “Bonus Warrants”). Each Bonus Warrant will entitle the holder to purchase one common share of the Company at a price of $0.20 per share until March 31, 2023. The Bonus Warrants will be subject to approval of the TSX-V and will be subject to a hold period of four months and a day in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws.
ON BEHALF OF THE BOARD
“Graeme Lempriere” Chairman and CEO
For further information please contact Clean Seed at 604-566-9895 and visit our website at www.cleanseedcapital.com.