- Agriculture business Alterra (1AG) has completed a $1.72 million placement with Emanuel Exports, Sandon Capital Investments, and related parties
- The majority of the funds, around $1.39 million, were issued to Emanuel Exports with the remainder placed with Sandon Capital
- All up, more than 34 million new fully paid ordinary shares were issued at five cents each
- Alterra will use the money to support the expansion of its project pipeline, and advance phase one plantings at its avocado development
- Alterra has ended the day 1.96 per cent in the red with shares trading for five cents each
Agriculture business Alterra (1AG) has completed a $1.72 million placement with Emanuel Exports, Sandon Capital Investments, and related parties.
The company entered a trading halt on September 14 but did not announce how much it would be raising at the time.
The majority of the funds, around $1.39 million, were issued to Emanuel Export, representing a 15 per cent holding in Alterra.
The remainder was placed with existing shareholder Sandon Capital, maintaining its 19.2 per cent shareholding.
All up, 34,444,321 new fully paid shares were issued at five cents each, representing a two per cent discount to Alterra’s closing price on September 11 of 5.1 cents.
Further, this price represents a 9.2 per cent discount to the 10-day volume-weighted average price.
“Alterra is pleased to welcome the addition of a sophisticated investor in The Australian agribusiness and property sectors to our share registry,” Managing Director Oliver Barnes said.
“This investment is a significant endorsement of Alterra’s business model and confidence in our project pipeline. We are also pleased to see Sandon Capital continuing its support of the company,” he added.
Alterra will use the money to support the expansion of its project pipeline, advance phase one plantings at its avocado development, and provide working capital to complete feasibility studies.
“This placement into Alterra allows the company to advance its development as it continues to scale an unlock greater opportunity for investment in land and water assets in Western Australia,” Oliver said.
Alterra has ended the day 1.96 per cent in the red with shares trading for five cents each in a $7.689 million market cap.