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Verde Agritech brings in $1.7 million via increased placing due to demand

The company makes a fertilizer product and has the Cerrado Verde project in Brazil
Canadian dollars
Previously, the firm said the financing would be for a maximum of around 1.7 million units, but increased the size as 'a result of considerable demand'

Verde Agritech PLC (TSE:NPK) has raised $1.7 million via an expanded private placing due to demand to expedite its market growth.

The company, which makes fertilizer and has the  Cerrado Verde project in Brazil, said it issued over 2.8 million units at $0.60 each for total proceeds of $1,693,067.20.

Previously, the firm said the financing would be for a maximum of around 1.66 million units, but increased the size as "a result of considerable demand," it said Wednesday.

READ: Verde Agritech arranges private placement to raise up to C$1M

CEO and president Cristiano Veloso said in  a brief statement: "Verde will apply the raised funds as working capital to expedite its market growth. We are thankful to our new and existing shareholders for their continued support."

Veloso, who already holds more than 5.5 million shares, took part in the placing, buying 912,416 more units; chief financial officer Felipe Paolucci bought 166,667 units, while director Michael St. Aldwyn, who already holds 32,340 ordinary shares, bought 83,333 more units.

Each unit consisted of one company share and one-half of one share purchase warrant. Each whole warrant is exercisable to buy a further share at an exercise price of $1 until March 12, 2021.

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