CropLogic Limited (CropLogic or Company), the predictive decision support system for agricultural growers, is pleased to announce the successful lodgement of its Prospectus with the Australian Securities and Investments Commission (ASIC) and the commencement of the Company’s showcase presentations to launch its Prospectus in order to raise up to $8 million and list on the Australian Securities Exchange (ASX).Following a successful capital raising and on listing, the Company will have a market capitalisation over $20 million.
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. Previous funding has 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).
Jamie Cairns, Chief Executive Officer of CropLogic, said: “CropLogic are excited to be working towards the completion of the IPO process and the imminent listing of the Company on the ASX. The launch process brings about many opportunities for CropLogic to continue its development and expansion throughout the US, Australia, New Zealand, and into China. “We also acknowledge Hunter Capital Advisors as Lead Manager to CropLogic's Prospectus launch and the IPO process. Their track record is impressive, as is their network of investors. 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”.
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.
Jamie Cairns continued: “One of the common criticisms of technology ventures, including agri-tech, is the ability to convert that technology into revenue. Our strategy provides us with the opportunity to firstly use our technology to transform and optimise the business model of the acquired companies before then introducing additional services to their clients. It is a two-phase approach that we believe reduces the cost and risk of market entry.”
CropLogic aims to improve crop yields by combining advanced research and proprietary technology with an in-field agronomy support team to provide accurate advice to growers. The company was recently recognised as one of the most promising early stage technology companies at the New Zealand 2016 TIN100 Awards. CropLogic will begin its roadshow presentation showcase in Auckland and Wellington in the week beginning 17 July, and in Melbourne and Sydney in the week beginning 24 July.
About CropLogic
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.
For more information please visit: http://www.croplogic.com/
For further information please contact:
Jamie Cairns, Chief Executive Officer CropLogic Limited T: +64 21 645 445 E: [email protected]
James Cooper-Jones, CFO & Company Secretary CropLogic Limited M: 0419 978 062 E: [email protected]
Rod North, Managing Director Bourse Communications Pty Ltd T: (03) 9510 8309, M: 0408 670 706 E: [email protected]
Stephen Silver, Managing Director Hunter Capital Advisors Pty Ltd T: (02) 8379 2958, M: 0487 887 337 E: [email protected]
