Taken from Anthill Magazine - 23 May 2017
CropLogic, a Christchurch-based precision agricultural company, is pleased to announce that it has successfully closed its $2 million pre-IPO capital raising oversubscribed in preparation for the Company’s anticipated listing on the Australian Securities Exchange (ASX).
The pre-IPO raise was led by Hunter Capital Advisors, the newly-appointed Lead Manager of CropLogic’s anticipated ASX listing. Based in Sydney, Hunter Capital Advisors is an independent full service corporate advisory firm, specialising in the technology and mining sectors, with a specific focus on ag-tech, biotech and tech innovations.
Intended use of funds includes the acquisition of an USA agronomy services company (announced 24 November 2016), ASX listing preparation (announced 14 July 2016), and working capital to support those outcomes.
What does this mean for CropLogic?
Jamie Cairns, Chief Executive Officer of CropLogic, said: “We would like to thank all those who participated in the pre-IPO offering. This has been a key milestone for CropLogic and we are now looking forward to an exciting growth phase for the company.
“We also acknowledge the appointment of Hunter Capital Advisors as Lead Manager to CropLogic’s anticipated listing on the Australian Securities Exchange. Their track record is impressive, as is their network of investors. and I’m expecting that their skill and experience will be instrumental in this process.”
Stephen Silver, Managing Director of Hunter Capital Advisors, said: “The Agri-Tech sector is experiencing significant investor interest at present, driven by the need to support global population growth, scarcity of water and need for food security. CropLogic’s proprietary technology and unique value proposition assists crop growers with their irrigation requirements, nitrogen requirements and yield”.
Building on technology developed over 30 years out of Plant & Food Research, a New Zealand Crown Research Institute, CropLogic gathers data via low-powered wireless networks and satellite systems from in-field sensors before processing this information with proprietary models and algorithms to provide growers with optimal real-time prescriptions for the application of crop inputs together with a rolling yield prediction.
CropLogic has completed field trials on potatoes in China, USA, Australia and New Zealand with PepsiCo, Lamb Weston, Simplot and McCain Foods. Further to this, CropLogic is poised to start begin field trials in other commodities such as corn, wheat, soybean and cotton.