AgriMarine Holdings Inc. Announces Closing of Second Tranche of Private Placement

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Source: Marketwire

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/09/11 -- AgriMarine Holdings Inc. (the 'Company' or 'AgriMarine') (TSX VENTURE: FSH)(OTCQX: AGMHF)(FRANKFURT: A2G) is pleased to announce that it has closed the second tranche of its brokered and non-brokered private placement consisting of 4,028,000 units (each a 'Unit'), at a subscription price of $0.35 per Unit for gross proceeds of $1,409,800 (the 'Financing').

Each Unit is comprised of one common share (each a 'Share') and one-half of one share purchase warrant (each a 'Warrant') of the Company, and each whole Warrant entitles the holder thereof to purchase one additional Share of the Company (each a 'Warrant Share') at an exercise price of $0.50 per Warrant Share up to and including June 9, 2014.

All Shares issued pursuant to the Offering and any Warrant Shares issued in connection with the exercise of any of the Warrants, if any, will be subject to a hold period expiring on October 10, 2011, in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

The brokered portion of the Financing (the 'Brokered Financing') was conducted on a commercially reasonable best effort basis by Canaccord Genuity Corp. and Cormark Securities Inc. (the 'Agents'). As consideration the Agents received an advisory fee, a cash commission equal to 7% of the proceeds of the Brokered Financing and warrants (the 'Agents' Warrants') to purchase that number of Units equal 7% of the number of Units sold under the Brokered Financing. The Agents' Warrants expire June 9, 2013.

Under the non-brokered portion of the Financing the Company paid aggregate finder's fees of approximately $33,300 and issued 74,200 warrants (the 'Finder's Warrants') having the same terms and conditions as the Warrants, except that the Finder's Warrants may be exercised up to and including June 9, 2013.

Proceeds of the Offering will be used to advance development of the Company's business and for general working capital.

'We are satisfied that sufficient equity capital has been raised to date to achieve the Company's near term business objectives,' said Sean Wilton, President of AgriMarine. 'With revenue from the imminent harvest this summer in China and other positive developments underway, management is confident that non-dilutive sources of capital will be available for project expansion and further revenue generation.'

About AgriMarine Holdings Inc.

AgriMarine has developed and commercialized proprietary floating closed containment technology to produce salmon sustainably in its farms in Asia and North America. The technology can be applied worldwide for the rearing of other finfish such as trout, tuna, and yellow croaker. AgriMarine's technology resolves many of the environmental issues created by present net cage rearing practices and meets consumer and retailer demands for sustainable aquaculture while protecting the environment.

Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as 'anticipate', 'believe', 'plan', 'estimate', 'expect', and 'intend', statements that an action or event 'may', 'might', 'could', 'should', or 'will' be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
AgriMarine Holdings Inc.
Richard Buchanan
President and CEO
(604) 568-4672
(604) 568-4673 (FAX)
rbb@agrimarine.com

AgriMarine Holdings Inc.
Alexia Helgason
Manager, Media Relations and Marketing
(604) 728-4407
alexia@agrimarine.com
www.agrimarine.com

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