Roto-Gro International Limited (ASX:RGI) is pleased to announce it has completed the final tranche of the $4.56 million capital raising to institutional and sophisticated investors announced on 20 June 2018.
The high demand capital raise, jointly managed by Barclay Wells Limited Pty Ltd and Emerald Capital Australia Pty Ltd, will allow RGI to fast-track the pursuit of strategic acquisitions in lawful cannabis licenses, nutrients and perishable foods by way of equity ownership or partnership.
The company is presently focussed on expanding the research and development facility in Caledon, Ontario, Canada, as well as bolstering its sales and management teams.
The final tranche of 5,418,698 shares completes a total of 12,000,000 new fully paid ordinary shares issued at $0.38 per share.
The company will also seek shareholder approval for the issue of 8,800,000 new unlisted options, exercisable at $0.65 and expiring two years from date of issue.
RGI updates on recent promising developments
Production continues for the Miracle Valley Medicinal Alternatives M.V.M.A. Ltd’s $2.3 million purchase order for the manufacture of RotoGro Rotational Hydroponic Gardens for their 29,000 square feet ‘state of the art’ cultivation and manufacturing facility in British Columbia, Canada.
RGI are now required to wait until end of October to access the site, in order to undertake RotoGro Installation. Meanwhile, the company has been working with Miracle Valley to finalise the design of a fertigation system for their expanded facility.