Join our daily newsletter At The Bell to receive exclusive market insights
- RotoGro International (RGI) secures firm commitments to undertake a $2.2 million placement
- More than 62.8 million new fully paid ordinary shares will now be issued to institutional, professional and sophisticated investors at 3.5 cents
- Subject to shareholder approval, each share will have one free attaching option with an exercise price of seven cents and expiry two years from issue
- RotoGro will use the money to expand its presence in the vertical farming markets for the perishable foods and cannabis sectors
- Shares in RotoGro are up 12.8 per cent and are trading at 4.4 cents at 3:40 pm AEST
RotoGro International (RGI) has secured firm commitments to undertake a $2.2 million placement.
A total of 62,857,143 new fully paid ordinary shares will now be issued to institutional, professional and sophisticated investors at 3.5 cents.
The placement was strongly supported and RotoGro received a cornerstone investment of $717,000 from its corporate advisor, EverBlu Capital.
Subject to shareholder approval, each share will have one free attaching option with an exercise price of seven cents and expiry two years from issue.
RotoGro will use the money to expand its presence in the vertical farming markets for the perishable foods and cannabis sectors.
This will allow the company to further the research and design initiatives for its patented and exclusive cultivation technology.
Shares are expected to settle on July 22, be issued on July 23 and begin trading on the ASX on July 26.
CEO Michael Di Tommaso is excited to receive such strong support and is looking forward to growing the company.
“We are extremely excited to have EverBlu manage the placement and are pleased to have generated remarkable support from our new investors,” Mr Di Tommaso commented.
“We remain focused on executing the company’s initiatives with a view to solidifying our place as a leading technology supplier in the indoor vertical farming space while driving shareholder value.”
Shares in RotoGro were up 12.8 per cent and are trading at 4.4 cents at 3:40 pm AEST.
