Foresta Group Holdings Limited (ASX: $FGH) has successfully completed a placement of new fully paid ordinary shares to raise $1,058,500 before costs. The funds raised will be utilized to accelerate the torrefied 'black' pellets and pine chemical manufacturing facility project in Kawerau, New Zealand, as well as for obtaining necessary project consents, operation expenditure, general working capital, project staff costs, and project operation costs.
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 capitalize on the immense opportunities that lie ahead. I extend my gratitude to our new and existing shareholders for their support and confidence in our endeavors. Together, we are poised to capitalize on the potential of renewable biomass products and drive sustainable value for all shareholders.
Foresta Group Holdings Limited (ASX: $FGH) has successfully completed a placement to raise funds for accelerating the torrefied 'black' pellets and pine chemical manufacturing facility project in Kawerau, New Zealand. The placement was offered at a 16.67% discount to the last closing price of the Company's shares and was supported by sophisticated and professional investors, and existing shareholders. The funds raised will also be utilized for obtaining necessary project consents, operation expenditure, general working capital, project staff costs, and project operation costs. Settlement of the new shares is expected to occur on Friday, 17 May 2024, with the issue and trading of the new shares expected to occur on Monday, 20 May 2024. Foresta Group Holdings is positioning itself to become a leading global supplier of natural and renewable pine chemicals and biomass pellets, aiming to drive sustainable value for all shareholders.