Woodbois Ltd (AIM:WBI, OTC:WODBF), the Gabon and Mozambique-focused forestry group, has conditionally raised a gross £3mln through a conditional placing at a price of 1.2p, equivalent to around 10% of its issued share capital.
The company has entered into an agreement with broker Novum Securities that has conditionally procured subscribers for the shares in the placing, which is not underwritten.
Paul Dolan, chief executive, added the funds would provide working capital for further expansion and towards achieving full FSC (Forest Stewardship Council) certification.
“This placing significantly strengthens our balance sheet as we take the company towards cashflow positivity in 2023 where our overriding priority is to generate consistent, positive cash flow from our substantial forestry assets."