RotoGro Undertake $4.56M Capital Raising
Roto-Gro International Limited (“ASX:RGI”, “RotoGro” or the “Company”) is pleased to announce that it has received firm commitments from institutional and sophisticated investors for a fully-subscribed $4.56M capital raise (the “Capital Raise”).
The highly sought-after Capital Raise, jointly managed by Barclay Wells Limited Pty Ltd (“Barclay Wells”) and Emerald Capital Australia Pty Ltd (“Emerald”), will allow the Company to fast-track the pursuit of strategic acquisitions in lawful cannabis licenses, nutrients and perishable foods by way of equity ownership or partnership. In addition, the Company is focussed on expanding the research and development facility in Caledon, Ontario, Canada and bolstering its sales and management teams.
A total of 12,000,000 new fully paid ordinary shares at $0.38 per share will be issued without shareholder approval pursuant to the Company’s Listing Rule 7.1A (8,000,000 Shares) and 7.1 placement capacity (4,000,000 Shares), with completion expected to occur in two tranches on or about 26 June 2018 and during July 2018.
Managing Director of RotoGro, Michael Carli states, “The level of interest and support from new and existing investors is a testament to the unique opportunity RotoGro presents in revolutionising the future of agriculture. Our aspirations to be a leading lawful cannabis and perishable food grower, drawing on our patented and patents-pending technology and proprietary growing management software, sets us apart from all other methods of growing. The proven yield increases, and lower operational costs provide for maximum profits and socially responsible returns to our investors”.