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Actinogen to recapitalise with $1.6 million cash injection

Published: 15:00 11 Sep 2013 AEST

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Actinogen (ASX:ACW) has accepted an offer from Otsana Capital to recapitalise, allowing repayment of all outstanding debts with sufficient cash remaining to support its near-term business objectives.

Actinoigen has recently focused on a plant growth hormone and will consider field trials with a view to delivering a product saleable to farmers and other plant producers.

A placement is proposed of 300 million ACW shares at $0.005 to raise $1,500,000, together with 100 million unlisted options to acquire additional shares at $0.005 within 4 years from date of issue.

Otsana will make available an unsecured loan of up to $100,000 in advance at 15% interest, payable quarterly in arrears via conversion to shares, and is to nominate two new directors to the board of Actinogen.

The board of directors supports Otsana's proposal and intend to unanimously recommend the offer to shareholders.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Actinogen (ASX:ACW) has accepted an offer from Otsana Capital to recapitalise, allowing repayment of all outstanding debts with sufficient cash remaining to support its near-term business objectives.

Actinoigen has recently focused on a plant growth hormone and will consider field trials with a view to delivering a product saleable to farmers and other plant producers.

A placement is proposed of 300 million ACW shares at $0.005 to raise $1,500,000, together with 100 million unlisted options to acquire additional shares at $0.005 within 4 years from date of issue.

Otsana will make available an unsecured loan of up to $100,000 in advance at 15% interest, payable quarterly in arrears via conversion to shares, and is to nominate two new directors to the board of Actinogen.

The board of directors supports Otsana's proposal and intend to unanimously recommend the offer to shareholders.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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