CropLogic Limited (CropLogic or Company), the predictive decision support system for agricultural growers, is pleased to announce that the offer the subject of the Prospectus lodged with the Australian Securities and Investments Commission (ASIC), announced on 14 July, is now open. Due to the response from showcase presentations the Company is also pleased to announce that the offer is now underwritten to the minimum subscription of $5 million. A Supplementary Prospectus was lodged to this effect with ASIC on 7 August 2017.
This follows on from previous funding rounds that have been well received with CropLogic announcing in May 2017 that it had completed its $2 million pre-IPO funding oversubscribed in preparation for the Company’s anticipated listing on the ASX (announced 14 July 2016).
The Prospectus offers 40 million shares at an issue price of $0.20 per share to raise up to $8 million with a minimum share subscription of $5 million representing the issuing of 25 million shares at $0.20 per share. The capital raised will be used to fund market development, research and development, ASX listing costs and working capital.
The offer is underwritten by Hunter Capital Advisors to the minimum subscription of $5 million with bids being accepted from 3rd August 2017. Final bids due by Thursday, 10 August 2017. The Offer closes Tuesday, 15th August 2017.
Jamie Cairns, Managing Director of CropLogic, said: "CropLogic is encouraged by the positive response from the market in this early stage of our IPO process. I believe this speaks to the growing recognition generally of the importance of technology in agriculture to meet future global demand for food and the quality of Croplogic’s technology and offering."
"We also acknowledge Hunter Capital Advisors diligence and network, which has been instrumental in this process."
The launch of CropLogic’s Prospectus 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, immediate access to the lucrative North American agricultural industry, and an established channel to further the Company’s presence and develop grower and processor relationships in the three key agricultural states in the USA.