News and Announcements
Leaf Resources Raises $3M by Placement
- Published December 08, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Leaf Resources Limited (ASX: LER) raised $3 million by placing 33,333,333 shares priced at $0.09.
- Tribeca Investment Partners upped their stake in Leaf by adding $1.92 million.
- The funds will be used as a strategic initiative by Leaf resources to gain more liquidity for the upcoming Malaysian Project.
Leaf Resources Limited (ASX: LER) has confirmed that the company recently raised $3 million by placing 33,333,333 shares to various high-level investors. The announcement also states that the settlement is due on 11th December 2017.
The shares were priced at $0.09, which was a 4% discount to the 30-day VWAP of the company. The price was set properly in accordance with the rule LR 7.1A.3 which requires the price to be greater than the 75% of the 15-day VWAP.
One of the major beneficiaries of the placement was Tribeca Investment Partners who upped their stake in Leaf by adding $1.92 million to their previous investment through their Tribeca Global Natural Resources Fund. This makes them an important partner of Leaf Resources.
The funds raised were a part of a strategic initiative by Leaf Resources to gain more liquidity for the upcoming Malaysian Project. The company plans to further the engineering studies in Malaysia related to the site and the biomass which the company wants to use and also to gain approvals and permissions necessary from the government. Also, the funds will be used to market the biodegradable paper coating for which the license has already been approved and in furthering the testing in other areas as per the contract with other local companies.
This placement and support of a Tribeca will lead to a better world where petroleum-based chemicals can be replaced by Leaf’s Glycell Technology.
About Leaf Resources Limited (ASX: LER)
Leaf Resources is an emerging renewable chemical company focused on commercialising the GlycellTM process; A disruptive technology that alters the economics of using biomass as a feedstock for the production of industrial sugars that can be used to produce biobased chemicals, bioplastics and other renewable products. Leaf Resources was voted #4 of the Hottest Small Companies in the Advanced Bio-Economy 2016/17 ABLC San Fran.
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