- Roots has secured a total of $1.66 million in funding for investors
- A$0.070 per share, representing 20 per cent discount to the 30-day VWAP of A$0.0875
- Roots and Everblu Directors to participate in Placement with investments reaching up to A$600,000
- RZTO to grow and pursuit of cannabis and hemp opportunities
Roots Sustainable Agricultural Technologies is an Israeli-based agricultural tech-company. Its main focus is to develop, produce and commercialise sustainable technologies which will improve plant performance.
ROO’s plan is to improve crop yield and quality, provide irrigation solutions in a cost-effective and environmentally sustainable way, for plants which cant thrive in difficult weather conditions.
The funds raised will be used to commercialise its Root Zone Temperature Optimisation (RZTO) technology. RZTO influences the root temperatures of plants so they remain at an optimum root zone temperature range. This is essential for a plant’s growth, productivity and quality.
The Company will also use the funds to expand cannabis growers marketing and sales activity in the United States to fund the pursuit of new cannabis and hemp opportunities and to provide working capital.
Roots CEO, Dr Sharon Devir said, “The placement is a strong endorsement of our substantial opportunities to commercialise our RZTO technology across multiple geographies, as we build on the momentum gained from initial sales. The funding secured in this placement will allow us to accelerate our growth in the US cannabis market, over the medium term.”