Press release from TheNewswire.ca
Viridis Energy’s Note Holder Converts Debt to Equity
Tuesday, July 17, 2012
Viridis Energy’s Note Holder Converts Debt to Equity10:25 EDT Tuesday, July 17, 2012(via Thenewswire.ca) Vancouver, BC - July 17, 2012 - Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) a "Cleantech" manufacturer and distributor of alternative energy providing biomass fuel to global residential and industrial markets, announced today that Cornwall Investments LLC ("Cornwall") has converted the 6% Convertible Notes (the "Notes") it purchased from Viridis on August 22, 2011 into units consisting of shares of the Company's common stock and warrants to purchase shares of the Company's common stock . The principal value of the Notes, plus accrued but unpaid interest, at the time of the conversion was $4,130,243 and converted into 16,520,972 shares of common stock. In addition, Cornwall received a warrant to purchase 8,260,486 shares of the Company's common stock at $0.40 per share, representing one-half of a common share purchase warrant for each share of common stock into which the Notes are converted. Upon completion of conversion of the Notes, Viridis will have 59,798,883 shares of common stock outstanding, of which Cornwall will own 25,835,376 shares or 43.2 percent. During the second quarter, Viridis repaid its Promissory Note of $500,000 to the previous owners of Okanagan Pellet Company Inc., which it acquired in April 2010. This, coupled with the conversion of the Notes, reduced the Company's total debt from $12.1 million to $7.8 million. Investor Contact: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. 212-681-4108 Yvonne@GrannusFinancial.com Company Contact: Michele Rebiere Chief Financial Officer Viridis Energy Inc 905-847-5226 email@example.com About Viridis Viridis Energy Inc. (TSXV: VRD) is a publicly traded, "Cleantech" alternative energy company specializing in wood biomass. Headquartered in Vancouver, B.C., Viridis Energy operates Cypress Pacific Marketing, Okanagan Pellet Company and Scotia Atlantic Biomass, thus providing the company with vertical integration for distribution and manufacturing as well as coast to coast national presence. For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca. Forward-looking Statements Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future operations. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for biofuels, (3) the risk that the Company does not execute its business plan, (4) inability to finance operations and growth (5) inability to finance the start-up operations in Nova Scotia in a timely manner (6) inability to retain key management and employees, (7) an increase in the number of competitors with larger resources, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company intends to update such forward looking information in the Company's MD&A in the event that actual results differ materially from such forward-looking statements contained herein. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian securities regulators. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Copyright (c) 2012 Thenewswire.ca - All rights reserved.