Viridis Energy announces Non-Brokered Private Placement

Vancouver, B.C. - Viridis Energy Inc. ("Viridis" or the "Company") /quotes/zigman/561044 CA:VRD -7.69% , announced today that it intends to conduct a non-brokered, private placement of up to 50,000,000 units at a price of $0.10 per unit for gross proceeds of $5,000,000 (the "Private Placement"). The Company has secured a commitment from Cornwall Investments LLC ("Cornwall") to purchase a minimum of 30,000,000 units of the intended financing.

The proceeds of the Private Placement will be used for capital expenditures and operating expenses associated with the Company's pellet plant in eastern Canada, Scotia Atlantic Biomass Company Limited ("Scotia"), acquired in 2012. In addition, proceeds will be used to repay Cornwall approximately $800,000 for the working capital loan provided to the Company on January 21, 2013, as well as general working capital.

Each unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one common share of Viridis at any time within five years following the completion of the Private Placement at an exercise price of $0.15 per share during the first twelve month period, $0.20 per share during the second twelve month period, $0.25 per share during the third twelve month period, $0.30 per share during the fourth twelve month period, and $0.35 per share during the fifth and final twelve month period. In the event that the closing price on the TSXV of Viridis' common shares is $1.00 or greater for a period of 30 consecutive trading days following the completion of the Private Placement, Viridis may, in its sole discretion, reduce the exercise period to 30 days with written notice (subject to the terms and conditions of the warrants).

All securities issued pursuant to the Private Placement will be subject to a hold period, which expires four months and one day after the closing of the Private Placement. Viridis may, subject to the policies of the TSX Venture Exchange, pay a finder's fee on the remaining portion of the Private Placement. The Private Placement is subject to acceptance for filing by the TSX Venture Exchange.

Source: Viridis Energy Inc.

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