$MGRO.V

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MustGrow Biologics Secures First Milestone Payment from Bayer

MustGrow Biologics (MGRO.V) on Friday said it received the first development milestone payment from Bayer under a December 2023 agreement to commercialize MustGrow's mustard-based biocontrol technologies for soil applications.Milestone payments and development work under the agreement have an estimated value of $35 million to $40 million over the next five to seven years, MustGrow said.MustGrow said potential additional milestone payments will be linked to additional achievements, and the company will be entitled to royalties and other fees once commercial sales commence.The company's shares closed up C$0.005 to C$0.44 Thursday on the TSX Venture Exchange.

$MGRO.V

Mining & Metals87d ago

MustGrow Biologics Launches C$2 Million Non-Brokered Private Placement of Units

MustGrow Biologics (MGRO.V), which rose by more than 5% yesterday, has launched a non-brokered private placement of units at C$0.50 per unit for gross proceeds of about $2 million, the company said late on Monday.Each unit will consist of one MustGrow common share and one common share purchase warrant. Each warrant will be exercisable for a 60-month period from the closing date and will entitle the holder to purchase one additional common share at an exercise price of $0.70 per warrant share.The company has the right to increase the size of the offering.Net proceeds will be used for inventory production for its mustard-derived organic biofertility product TerraSante and working capital and general corporate purposes.The offering is expected to close on or about June 11, subject to certain conditions including TSX Venture Exchange approval.

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