Clean Seed Capital Group Ltd (CVE:CSX) has announced the appointment of Steve Sommerfeld to its board of directors.
Sommerfeld previously served as the chief financial officer (CFO) of Ag Growth International Inc. (AGI) for more than 20 years, helping to grow the company from $2 million in revenue during 1997 to $1 billion in 2020.
“It is my distinct privilege to welcome Mr Steve Sommerfeld to our board of directors. As we navigate rapid growth, Steve’s remarkable career will play an important role in supporting our business development strategies,” Clean Seed Capital Group CEO Graeme Lempriere said in a statement.
READ: Clean Seed Capital Group is gearing up for rapid growth with its agricultural technology
Lempriere added: “Our President, Gary Anderson, and Steve were part of the founding dream team of AGI, one of Canada’s great AG sector success stories. To have both these veterans of industry onboard with Clean Seed Capital is an extraordinary achievement.”
Sommerfeld also weighed in on the announcement, stating: “I am honoured to have been asked to join the Board of Clean Seed Capital Group. I have been following Clean Seed for several years and believe the company is approaching an inflection point in its development that will soon lead to product commercialization and exciting growth opportunities.”
“The team at Clean Seed, led by Graeme Lempriere, is terrific and reminds me of the early days at AGI. I look forward with excitement to being part of their next chapter.”
In connection with the board appointment, Clean Seed Capital has granted Sommerfeld incentive stock options to acquire 200,000 company shares at a price of $0.50 per share until December 31, 2023.
The company also noted that Randy Minhas has agreed to step down from its board to facilitate Sommerfeld’s appointment.
As well, Clean Seed Capital announced that it has received TSX Venture Exchange approval to extend the expiry date of 5,915,000 of 7,895,000 warrants to July 31, 2021. These warrants are exercisable at $0.50 per share.
The company has also submitted an application to extend the expiry date to July 31, 2021 of the other 1,980,000 warrants, which were originally issued as a bonus, exercisable at $0.50 per share, to match the extended maturity date of a related promissory note.
Clean Seed’s SMART Seeder technologies are revolutionary seeding tools that utilize the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row variable rate technology at the forefront of agricultural innovation. Its innovations create a new class of highly accurate seeding equipment designed specifically for today’s farmer.
Contact Sean at sean@proactiveinvestors.com