Leaf completes oversubscribed $5 million placement to progress

August 26, 2018 |

In Australia, Leaf Resources Limited received commitments to raise $5 million via a private placement to new and existing domestic and international institutional and sophisticated investors. The Placement will involve the issue of approximately 66.7 million new fully paid ordinary shares in the Company (“Shares”), at an issue price of $0.075 per share.

The proceeds of the Placement will be used to progress the ongoing commercialization of Leaf’s proprietary Glycell technology, including engineering works for the Malaysian Biorefinery project. The engineering works include a phase 3 integrated development study (IDS) which is expected to commence in October this year and is integral to progressing the Biorefinery Project through a planned bankable feasibility study, project financing, and final approvals. Proceeds will also be applied towards general working capital requirements.

Leaf’s Chairman Doug Rathbone said “This well supported and oversubscribed capital raising positions Leaf strongly as we move toward the commercialisation of Glycell. I am particularly encouraged that existing institutional shareholders supported the offer to such a strong extent, and it is also pleasing that we have been able to bring a number of new, high quality institutional and sophisticated investors onto our register.”

Print Friendly, PDF & Email

Tags: ,

Category: Producer News

Thank you for visting the Digest.