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$1M Placement to accelerate Kawerau Biomass Manufacturing Project
23 05 2024Foresta Group Holdings Limited (ASX: FGH, “Foresta” or the “Company”) is pleased to announce that it has received $1,063,250 for a placement of new fully paid ordinary shares (“New Shares”)
Funds raised under the Placement will be applied to accelerate the torrefied “black” pellets and pine chemical manufacturing facility project in Kawerau, New Zealand. Funds raised under the Placement will also be applied to:
- New Zealand Project Consents (budget set aside for obtaining necessary project consents in New Zealand);
- Foresta’s operation expenditure and general working capital including salaries, legal costs and offer costs;
- New Zealand project staff costs; and
- Project operation costs.
The Placement was offered at an issue price of $0.01, representing a 16.67% discount to the last closing price of the Company’s shares on 9 May 2024 of $0.012 per share and was supported by sophisticated and professional
investors, and existing shareholders.
Ray Mountfort, Managing Director, Foresta Group Holdings Limited, said: “I am pleased with the positive response to our recent Placement. The demand underscores the confidence
investors have in our vision and strategy.
As we navigate through 2024, it is clear that this year holds significant promise for us. We’ve achieved notable milestones with signed offtake, supply, and lease agreements firmly in place.
The additional funding secured through this Placement is pivotal. It will enable us to expedite the acquisition of essential project consents in New Zealand. Furthermore, it will ensure that we maintain the momentum necessary to capitalise on the immense opportunities that lie ahead.
I extend my gratitude to our new and existing shareholders for their support and confidence in our endeavours. Together, we are poised to capitalise on the potential of renewable biomass products and drive sustainable value for all shareholders.
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