TORONTO, ON / ACCESSWIRE / March 4, 2016 / ALGAE DYNAMICS CORP (OTCQB: ADYNF) (the “Company”), 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.”
About Algae Dynamics Corp
Algae Dynamics is engaged in the commercialization of its proprietary BioSilo(R) algae cultivation system for the high volume, low cost production of pure contaminant-free algae biomass. This biomass is high in Omega-3s DHA/DPA, vitamins, minerals and antioxidants, all of which are in demand by the growing multibillion dollar food/beverage and health care sectors. The integrated BioSilo(R) manufacturing system provides low cost algae biomass production with modest capital cost requirements compared to conventional approaches. Furthermore, the “controlled outcomes” technology provides ultra-high purity algae biomass, differentiating it from other producers in the market. Following completion of a commercial-scale production facility the Company intends to produce algae biomass for sale into the functional additive and supplement markets, focusing on Chlorella and Omega-3 oil.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act and Section 21E 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, use of proceeds and the development, costs and results of current or future actions and opportunities in the sector. 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, our ability to raise the additional funding we will need to continue to pursue our exploration and development program, and our ability to retain important members of our management team and attract other qualified personnel. 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.