Sign up Australia
Proactive Investors - Run By Investors For Investors

Algae.Tec meets final condition for medicinal marijuana collaboration

Algae.Tec has developed a technology that produces algae from waste carbon dioxide.
Algae.Tec meets final condition for medicinal marijuana collaboration
The company has received subscriptions for circa $5.45 million

Algae.Tec (ASX:AEB) has received subscriptions for circa $5.45 million and has therefore reached the minimum subscription for its $8 million entitlement issue.

This has allowed Algae.Tec to meet the final condition of its agreement with Jardin De Invierno SA to expand its footprint into the rapidly growing medicinal marijuana market.

Algae.Tec is a specialist algae producer, which has developed a technology that captures waste carbon dioxide to produce commercial quantities of algae for use in the food and fuel sectors.

The combination of increasing sales of algae nutraceutical products with the sales of cannabinoid products is expected to propel Algae.Tec into the future.

The company is now in a position to expand its production in Atlanta, to commence planting of crops and also research into new products, which are likely to fast track its growth.

Jardin de Invierno, based in Uruguay, harvests and produces non-synthetic cannabis products for medical purpose.

The combined growing and yield efficiencies of the two companies and the resultant cost savings are expected to have a significant positive impact on revenue generation from medical cannabis.

Algae. Tec is now seeking to place the final shortfall amount of $2.5 million under the $8 million entitlement issue.

View full AEB profile View Profile

Algae.Tec Timeline

Related Articles

picture of gas flare
July 20 2017
A new gas generator also came on stream recently and has started to produce the first power from the project
Power stations
May 31 2017
"We see this statement as evidence that the company has overcome the one-off events in Q3," said Cantor Fitzgerald
Offshore-oil-platform.jpg
August 29 2017
Chariot Oil & Gas is working up several prospects on both sides of the Atlantic

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use