RLF AgTech Ltd (ASX: RLF) has announced the successful completion of its Entitlement Issue and Shortfall Placement, raising a total of $2,417,514 before costs.
The Entitlement Issue received strong shareholder support, raising $1,543,210, which represents a 64% take-up rate. An additional $874,304 was allocated in a heavily oversubscribed Shortfall Placement. Together, the company has raised the full amount allowed under the prospectus.
Acting Managing Director Gavin Ball welcomed the support, stating, “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, roll out more of the Australian business strategy, and negotiate further distribution agreements.”
RLF intends to seek quotation of the options issued under the Entitlement Issue, provided ASX requirements are met. The company is currently assessing eligibility and will proceed accordingly.
RLF is an Australian-based global plant nutrition and carbon technology company that develops products to empower farmers, nourish people, and restore the earth. Its proprietary Plant Proton Delivery Technology enables farmers to grow higher-yielding, better-quality produce while supporting plants’ natural ability to store and reduce atmospheric carbon. The company’s Accumulating Carbon in Soil System (ACSS) also helps capture and store CO2 by increasing organic matter in soils.
RLF has been operating in Asia since 2006, with manufacturing, sales, and distribution facilities in China. It recently expanded in Australia with the acquisition of LiquaForce, a liquid fertiliser manufacturing, sales, and application business in Queensland. Following the cessation of an exclusive distribution rights agreement previously held by a third party, RLF has now obtained the right to operate, manufacture, and sell its products in the Australian agricultural marketplace.
