CROPLOGIC LIMITED (ASX: CLI) (CropLogic), the predictive decision support system for agricultural growers, has received its official admission letter from the ASX, and is set to list on the Australian Securities Exchange (ASX) today, September 12, 2017 at 11am (EST).
The Company is also pleased to announce that with the market’s impressive response to the Company’s Prospectus offering, announced on 14 July, and further to the announcement on 16 August 2017, that the offer was fully subscribed, offers in excess of $9 million were received through the IPO process. As such the Company closed the offer with the fully subscribed target of $8 million through the issuing of 40 million ordinary shares at an issue price of $0.20 per share, with $5 million of the capital raised underwritten by Hunter Capital Advisors.
This follows previous successful capital raisings including the oversubscribed $2 million Pre-IPO round as announced on 10 May 2017 with a total in excess of $11 million being raised in the preceding 12 months.
Jamie Cairns, Managing Director of CropLogic, said: “CropLogic’s ASX listing is the foundation for our international growth plans, and we are delighted to have witnessed such a tremendous response from the market. Hunter Capital Advisors have certainly delivered for us after initially closing out our pre-IPO raise in such a concise manner and then the recent IPO process subsequently being oversubscribed.
“The funds raised will be used to grow the business, fund market development, research and development and provide a healthy level of working capital.”
The Initial Public Offering (IPO) comes after previous funding rounds that have been well received with CropLogic announcing in May 2017 that it had oversubscribed its $2 million pre-IPO funding round in preparation for the Company’s anticipated listing on the ASX.
CropLogic’s listing on the ASX also follows the Company’s recent announcement of the acquisition of North-West USA-based agronomy services company, Professional Ag Services Inc. The acquisition provided CropLogic with strategic access to the lucrative North American agricultural industry, and an established immediate channel to further the Company’s presence and develop grower and processor relationships in the three key agricultural states in the USA.
Building on technology developed over 30 years out of The New Zealand Institute for Plant and Food Research, a New Zealand Crown Research Institute, and over 600 field trials in four nations, the CropLogic system gathers field data, via in-field sensors coupled with satellite communications, before processing that through its proprietary technology to provide decision support to growers to help them improve the productivity of their crops.
Successful trials of the CropLogic system have been completed on potatoes in China, USA, Australia and New Zealand with four of the major multinational potato processors. Further to this, CropLogic is poised to start trials of the CropLogic system in other commodities such as corn, wheat, soybean and cotton.
CropLogic currently serves approximately 60,000 acres of high-value crops in the USA.