Desert Control Completes Private Placement and Publishes FAQ Document on Transition to Licensed Operator Model for the Middle East
ISSUER
DESERT CONTROL AS
Sandnes, Norway, 1 August 2023 – Desert Control (DSRT) (the "Company") completes
the private placement announced on 3 July 2023, securing an investment of NOK 10
million from Holistic Earth Advanced Regeneration Technologies SA (H-EART). The
private placement is conducted through the issuance of 1 million new DSRT shares
at NOK 10 per share. The investment by H-EART marks a strategic anchoring of the
partnership where H-EART enters as a licensed operator for the production,
sales, and delivery of Liquid Natural Clay (LNC) in the Kingdom of Saudi Arabia
(KSA).
Related to the transition to the licensed operator model for the Middle East,
Desert Control further publishes a Frequently Asked Questions (FAQ) document
providing detailed insights into Desert Control's strategic initiative and
objectives of the new business model. The FAQ document is attached to this
message and is published on the Company's website.
For further inquiries, please contact:
Ole Kristian Sivertsen
President and Group CEO, Desert Control
Email: oks@desertcontrol.com
About Desert Control:
Desert Control specializes in climate-smart AgTech solutions to combat
desertification, soil degradation, and water scarcity. Its patented Liquid
Natural Clay (LNC) restores and enhances soil ecosystems to reduce water usage
and improve the efficiency of fertilizers and natural resources for agriculture,
forests, and green landscapes. LNC enables sandy and arid soil to retain water
and nutrients, thus increasing crop yields, plant health, and ecosystem
resilience while preserving water and natural resources by up to 50%.
For more about Desert Control, visit https://www.desertcontrol.com
Important notice:
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.
Following the private placement and issuance of shares to H HEART, Desert
Control's share capital will be NOK 126,980.367 divided into 42,326,789 shares,
each share having a par value of NOK 0.003 and carrying one vote in the
Company's general meeting.
The directed share issue towards H-EART represents a deviation from the
shareholders' pre-emptive right to subscribe for shares in the Company. The
directed share issue is carried out as a private placement to secure H-EART as a
long-term strategic shareholder in Desert Control and to facilitate the
opportunity to raise capital without a discount. On this basis, the Board has
considered the transaction structure and the investment to be in the common
interest of the Company and its shareholders.
Disclaimer related to forward-looking statements:
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement.
The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.
The Company does not undertake any obligation to review, update, confirm, or to
release publicly any revisions to any forward-looking statements to reflect
events that occur or circumstances that arise in relation to the content of this
announcement.
This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company.