SINGAPORE, Dec. 24, 2024 (GLOBE NEWSWIRE) — VERDI AGRICULTURAL LIMITED (TSX: NPK) (OTCQX: VNPKF) (“Green or a company) announces that its President and CEO, Cristiano Veloso, has terminated the plan for automatic disposition of securities (“ASDP“) was previously announced in the Company's press release dated September 28, 2023.1
Mr. Veloso was not in possession of material non-public information at the time the stockbroker was provided with notice of ASDP's termination. Subject to the terms of the ASDP, termination will become effective on January 24, 2025, i.e. 30 days after the date the termination notice is given. This decision relates to personal financial planning and confirms Mr. Veloso's confidence in the future prospects of the company.
About Verdi Agritech
Verde AgriTech is dedicated to advancing sustainable agriculture by creating specialized multi-nutrient potassium fertilizers. Our mission is to increase agricultural productivity, enhance soil health, and contribute significantly to environmental sustainability. Leveraging our unique location in Brazil, we harness proprietary technologies to develop solutions that not only meet the immediate needs of farmers, but also address global challenges such as food security and climate change. Our commitment to carbon capture and environmentally friendly fertilizer production underscores our vision of a future in which agriculture contributes positively to the health of our planet.
Cautionary Language and Forward-Looking Statements
All mineral reserve and mineral resource estimates reported by the Company have been estimated in accordance with Canadian National Instrument 43-101 and the Canadian Institute of Minerals, Minerals and Petroleum Identification Standards (May 10, 2014). These standards differ significantly from the requirements of the US Securities and Exchange Commission. Mineral resources that are not mineral reserves have not proven their economic viability.
This document contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such information and statements are referred to herein as “forward-looking information” and “appearance statements.” As of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, expectations, projections or beliefs with respect to future events and include, without limitation, statements relating to:
| (I) | The estimated quantity and grade of mineral resources and mineral reserves; | |
| (secondly) | Estimated amount of carbon dioxide removal per ton of rock; | |
| (iii) | PFS represents a viable development option for the project; | |
| (iv) | Estimates of the capital costs of constructing mining facilities and bringing a mine into production, the sustainability of capital and the duration of financing repayment periods; | |
| (T) | The estimated quantity of future production, produced and sold; | |
| (vi) | The timing of disclosure of the financial performance experience and recommendations issued by the Special Committee; | |
| (vii) | the Company's competitive position in Brazil and demand for potash; | |
| (viii) | Estimates of operating costs, total costs, net cash flow, net present value, and economic returns from an operating mine. | |
| (ix) | the expected terms of debt restructuring; | |
| (x) | The expected financial impact of the Company's debt restructuring; | |
| (eleventh) | Timeline for court approval of debt restructuring; and | |
| (twelfth) | Potentials arising from re-examination of some core samples. | |
Any statements that express or include discussions regarding forecasts, projections, beliefs, plans, projections, objectives, future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans” “projects”, “estimates”, “contemplates”, “assumes”, “intends”, “strategy”, “objectives”, “objectives” or variations thereof or indicates that certain actions, events or results “may” or “maybe” “, “will”, “may”, “will” occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on the current beliefs of Verde or its advisors as well as various assumptions made by them and information currently available to them. The most important assumptions are explained above, but in general these assumptions include, but are not limited to, the following:
| (I) | The existence and continuity of resources and reserves in the project at estimated levels; | |
| (secondly) | Estimating carbon dioxide removal based on the chemical and mineralogical composition of assumed resources and reserves; | |
| (iii) | Geotechnical and mineralogical properties of rocks corresponding to sampling results; Including the quantities and quality of water that must be diverted or treated during mining operations; | |
| (iv) | Capabilities and durability of various machines and equipment; | |
| (T) | Availability of personnel, machinery and equipment at estimated prices and within estimated delivery dates; | |
| (vi) | Currency exchange rates; | |
| (vii) | Super Greensand ® and K Forte ® sales prices, market size and assumed exchange rate; | |
| (viii) | Appropriate discount rates applied to cash flows in economic analysis; | |
| (ix) | Tax rates and royalty rates applicable to the proposed mining operation; | |
| (x) | Availability of acceptable financing within the assumed structure and costs; | |
| (eleventh) | Expected mining losses and mitigation. | |
| (twelfth) | Reasonable emergency requirements; | |
| (thirteenth) | Success in achieving the proposed operations; | |
| (fourteenth) | Receive permits and other regulatory approvals on acceptable terms; and | |
| (fifteenth) | Fulfilling environmental assessment obligations and arrangements with local communities. | |
Although management considers these assumptions to be reasonable based on the information currently available to it, they may prove to be incorrect. Many forward-looking statements are made on the assumption that other forward-looking statements, such as statements of net present value and internal rates of return, will be correct, upon which most of the other forward-looking statements and assumptions contained herein are based. Cost information is also prepared using current values, but the time the costs are incurred will be in the future and it is assumed that the costs will remain stable over the relevant period.
By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that estimates, forecasts, forecasts and other forward-looking statements will not be achieved or that assumptions will not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements because a number of important factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, projections, assumptions and intentions expressed in such forward-looking statements. Data. These risk factors may be referred to generally as the risk that the assumptions and estimates described above may not occur as expected, but specifically include, but are not limited to: risks related to the court approval process for debt restructuring; risks related to changes in mineral content within materials identified as mineral resources and mineral reserves compared to what is expected; differences in extraction and recovery rates; the geotechnical properties of the rock excavated or from which infrastructure is being constructed differ from that expected, the amount of water that will need to be diverted or treated during mining operations differs from what is expected to be encountered during mining operations or after closure, or the water flow rate differs; Developments in global metals markets; risks related to fluctuations of the Brazilian real against the Canadian dollar; increases in estimated capital and operating costs or unanticipated costs; Difficulties in attracting the necessary workforce; increases in financing costs or adverse changes in the terms of available financing, if any; The tax or royalty rates are greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; Changes in project parameters as plans continue to improve; risks related to receiving regulatory approvals; Delays in negotiations with stakeholders; changes in regulations applicable to the development, operation and closure of mining operations from what currently exists; the effects of competition in the markets in which Verdi operates; The operational risks, infrastructure risks and additional risks described in Verde's annual information form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2023. Verde cautions that the foregoing list of factors could affect future results. Not comprehensive.
When relying on our forward-looking statements to make decisions regarding Verde, investors and others should carefully consider the above factors and other uncertainties and potential events. Verde undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by Verde or on our behalf, except as required by law.
For additional information please contact:
Cristiano VelosoCEO and Founder
Tel: +55 (31) 3245 0205; Email:invest@verde.ag
www.verde.ag | www.investor.verde.ag
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1 See: https://investor.verde.ag/automatic-securities-disposition-plan-stitute-by-verde-agritech-chief-executive-officer-2/
Source: Verde AgriTech Ltd
