Placing to raise approximatel

RNS Number : 5729M

Agriterra Ld

30 January 2009

 



Agriterra Ltd / Ticker: AGTA / Index: AIM / Sector: Agriculture

30 January 2009

Agriterra Ltd ('Agriterra' or 'the Company')

Placing to raise approximately £2.36 million

Agriterra Ltd, the AIM listed investing company focussed on the agricultural sector in central and southern Africa, has conditionally raised £2,360,666 before expenses, by way of a placing of 78,688,866 new Ordinary Shares ('the Placing') at a price of 3p pence per new Ordinary Share ('the Placing Shares'). The net proceeds of the Placing will be used for the expansion of Desenvolvimento E Comercialização Agricola Limitada ('DECA'), Compagri Limitada ('Compagri') and Mozbife Limitada ('Mozbife'), and for general working capital.

The Placing Shares will represent 16.6% of the Company's enlarged issued share capital following the Placing. The Placing Shares will, when issued, rank pari passu in all respects with the existing issued ordinary shares. The Placing is conditional, inter alia, upon the new Ordinary Shares being admitted to trading on AIM for which application has been made to the London Stock Exchange, and it is expected that admission will become effective, and trading in the Placing Shares will commence, on 5 February 2009.

Following the approval by shareholders on 21 January 2009 of the acquisition by the Company's wholly owned subsidiary, Agriterra (Mozambique) Limited, of a 75% shareholding in each of Desenvolvimento e Comercializacao Agricola Limitada, Compagri Limitada and Mozbife Limitada (the 'Acquisition'), the Company is now proceeding towards formal completion of the Acquisition, which is now anticipated to take place on 5 February 2009, rather than 2 February, so as to be contemporaneous with the admission of the Placing Shares. On formal completion of the Acquisition, the 200,000,000 new Ordinary Shares to be issued in part consideration for the Acquisition will be admitted to trading on AIM.

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For further information please visit www.agritterra-ltd.com or contact:

Phil Edmonds	Agriterra Ltd	Tel: [phone]
Jonathan Wright	Seymour Pierce Ltd	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Susie Callear	St Brides Media & Finance Ltd	Tel: [phone]

 

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