Bob Bench, President of Agricon, said: “This culminates several years of work in finding property that has all of the attributes we required for the first phase of our planned agricultural projects in Ghana. This property, in the area of Shai Hills, is strategically located near a Volta River water canal and close to the port city of Tema and to Accra, the largest city in Ghana.
“This is the first of several, 50 year, leases, in various stages of final negotiation; on which we expect to execute similar agreements during 2013. We plan to begin clearing the land in January 2013, in preparation for planting. We expect the first rotational crops will be maize, sunflower, and soya; with other food crops planned for the future.”
The 8,000 acres covered under the Agreement has been acquired by Agricon SH Ghana Limited, a wholly owned Ghanian Subsidiary of Agricon. Under the terms of the agreement the company will pay a total of $1,954,840 over a period of 9 years and will own the property outright at the end of this lease purchase period. Agricon has an option on an additional 8,000 adjacent acres.
Mr. Bench further stated that: “The Company is now positioned to begin its next capital raise of up to $10,000,000 for equipment, facilities and farm operations, which will be scheduled for the first part of the next year.”
PacificWave Partners Limited, the Company’s financial consulting firm, assisted Agricon in both the acquisition of CPGL and introductions for capital and debt financing.