RLF AgTech Ltd (ASX:RLF) Raises Maximum Funding via Entitlement Issue
Funding Achievement
RLF AgTech Ltd (ASX:RLF) announced the successful raising of $2,417,514 through its Entitlement Issue Prospectus, exceeding initial targets. The company secured $1,543,210 from existing shareholders, achieving a 64% take-up, and an additional $874,304 through a heavily oversubscribed Shortfall Placement.
Executive Comments
Acting Managing Director Mr Gavin Ball stated, “The strong support received is a reflection on the potential, and quality, of the underlying business, and is also a welcomed vote of confidence in the turnaround strategy currently being implemented. With this support we can continue to build our team and resources, to rollout more of the Australian business strategy, and negotiate further distribution agreements. I sincerely thank Shareholders for this strong support, and look forward to updating the progress and achievements of the growing Australian business, as well as in our expanding footprint in both the China and Asia operations.”
Future Plans
With the raised funds, RLF AgTech intends to expand its Australian business strategy, enhance its team and resources, and negotiate additional distribution agreements. The company also plans to seek quotation of the issued options under the Entitlement Issue, pending ASX requirements.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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