RotoGro International (RGI) has received firm commitments to raise $1.53 million through a placement. More than 38.2 million fully-paid shares will be issued to professional and sophisticated investors at 4 cents each.
"This raise is an important step forward for RotoGro as the company welcomes a number of new shareholders to the register," Non-Executive Chairman Michael Carli commented. RotoGro has stated that it will use the money to rollout its perishable food and vertical farming divisions.
The company has developed a vertical farming system, using stacked instead of in horizontal rows. It is a hydroponic system, meaning it grows in warehouses without soil using less water.
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