News: Australian Natural Proteins to raise $1 million

Australian Natural Proteins (ASX:AYB) has entered into an agreement with Mercer Capital to raise up to $1,000,000 from the issue of up to 50,000,000 shares at $0.02.

In addition, the Company will issue one free attaching option to each share. Attaching options will have an exercise price of $0.03 per option and expire in June 2015.

Funds raised will be used to fund working capital and to invest in additional similar projects.

The Company will issue an initial tranche of up to 22,500,000 shares without prior shareholder approval utilising the Company's 15% share issue capacity.

AYB is seeking to develop a protein-based intensive farming operation initially concentrating on producing prime lamb using rotational grazing on irrigated pastures for both the domestic and overseas market.

Secondary income will be generated from the sale of wool and commercial crops including rice, canola, wheat and barley.

Mercer Capital recently raised more than $6 Million as part of an underwriting agreement with Progen Pharmaceuticals (ASX:PGL).

 

roactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.