Range International Limited (ASX:RAN), a manufacturer of Re>Pal™ ‘zero-waste’, recycled plastic pallets, has announced a successful placement, raising A$1,577,647 before costs. The funds were secured through firm commitments from new and existing sophisticated and professional investors. The placement involves the issue of 788,823,500 new fully paid ordinary shares at A$0.002 per share.
The placement will occur in two tranches. Tranche 1, raising A$280,000 through the issue of 140,000,000 shares, will utilise the company’s existing capacity under ASX Listing Rule 7.1. Tranche 2, subject to shareholder approval at an extraordinary general meeting (EGM) in November, aims to raise A$1,297,647 through the issue of 648,823,500 shares. Directors and management are participating in Tranche 2 for a total of A$342,000, pending shareholder approval. The offer price represents a discount of approximately 33% compared to recent trading prices.
Range International intends to use the funds to drive growth initiatives, including expanding into pallet rentals in Indonesia and establishing pallet production in the Philippines. A portion of the funds will also be used to repay an existing debt facility, reducing interest costs while maintaining access to a A$575,000 debt facility until late 2026. The company currently has production lines operating in its East Java factory in Indonesia, selling pallets under the Re>Pal™ brand across Asia Pacific.
In addition to the placement, Range International announced the appointment of Mr Mark Skipper as a Non-Executive Director, effective upon completion of Tranche 1. Mr Skipper, with over 45 years of experience as a Board Director and extensive experience in the supply chain and logistics sector, has also made a significant investment under Tranche 1. The indicative timetable outlines the EGM in early November, with final settlement and quotation of Tranche 2 shares expected shortly thereafter.
