Agrinam Acquisition Corporation Announces Business Combination Update and Related Party Transaction

May 13, 2024 8:13 PM EDT | Source: Agrinam Acquisition Corporation

Toronto, Ontario--(Newsfile Corp. - May 13, 2024) - Agrinam Acquisition Corporation (TSX: AGRI.U) (the "Corporation") announced today that, in connection with the advancement of the previously announced business combination transaction between the Corporation, Freight Farms, Inc. ("Freight Farms") and Agrinam Merger Sub, Inc. (the "Business Combination") and the ongoing PIPE financing related thereto, Freight Farms has entered into a subordinated loan agreement (the "Loan Agreement") with Lexington Capital, S.A.P.I. de C.V. (the "Lender"), an affiliated entity of Agustín Tristán Aldave (Chief Executive Officer and a director of Agrinam), whereby the Lender will loan to Freight Farms up to the sum of $500,000 in accordance with, and subject to the terms and conditions of, the Loan Agreement (the "Loan"). The Loan may be outstanding upon closing of the Business Combination and, as a result, constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, details of which are set forth in the material change report of the Corporation filed on SEDAR+ on May 13, 2024.

About Agrinam Acquisition Corporation

Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.

Forward Looking Information

This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that the Business Combination may not be completed within the Corporation's permitted timeline to complete a qualifying acquisition or the potential failure to obtain an extension of the Corporation's qualifying acquisition deadline if sought by the Corporation, the failure to satisfy the conditions to the consummation of any proposed qualifying acquisition, and other factors discussed under "Risk Factors" in the Corporation's prospectus dated June 10, 2022. The Corporation does not undertake any obligation to update such forward looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

For further information contact:

Agustin Tristan Aldave
Chief Executive Officer
Agrinam Acquisition Corporation

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