LEHI, UT, Jul 12, 2012 (MARKETWIRE via COMTEX) — Agricon Global Corporation (Agricon) (OTCBB: AGRC), announced today the completion of its initial private placement of 1,220,000 shares of its common stock. As part of Agricon’s requirements to acquire all of the outstanding shares of Canola Property Ghana Limited (CPGL) which was completed on March 31, 2012, Agricon undertook to raise at least $600,000 in an initial round of funding to finance startup activities of the combined companies. The company received subscriptions and cash receipts for $610,000 as of July 12, 2012.
Bob Bench, President of Agricon, said: “In addition to the CPGL long-term lease we have identified two additional long-term leases (50 years) totally over 30,000 acres of agricultural land in Ghana, West Africa. With the initial capital we have completed the survey of the land, paid the first down payments on the three leases, opened our offices in Ghana, secured the services of three top executives and hired our senior managers to oversee our farming operations. We are now prepared to raise our second round of funding to begin clearing the land and planting of our first crops.”
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