viewWoodbois Limited

Obtala raises more preference capital for forestry arm Argento

Obtala has decided to fulfil excess demand from a December preference share issue.

picture of timber in plile
Argento operates in Mozambique

Obtala Limited (LON:OBT) has raised an additional US$3mln for Mozambique-focused forestry arm Argento from an issue of new preference shares.

The plan had been to raise the cash from an Asian institutional investor, but to expedite matters Obtala decided to fulfil excess demand from a December preference share issue.

Talks are ongoing with the institutional investor, but now the Argento Preference share is almost fully subscribed an investment is not expected in the near-term.

Obtala has issued an additional 8,573 Argento Preference shares at US$350 per share, bringing the total in issue to 69,000 out of the maximum 75,000 available. 

Miles Pelham, Obtala’s chairman, said: "Near completion of this funding represents a significant step for the company as we move forward with the monetization of latent assets. 

"Management and operational teams have been strengthened and significant planning has been completed during the rainy season.

 “Project teams are working through land purchase, lease negotiation and site surveys in preparation for construction of the new Sawmill and Packhouse facilities that will change the basis of our production capabilities by the end of 2017.”

Quick facts: Woodbois Limited

Price: 2.2 GBX

Market: LSE
Market Cap: £31.48 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Woodbois Limited named herein, including the promotion by the Company of Woodbois Limited in any Content on the Site, the Company receives from...



Investor Update: Kavango Resources hits sulphide mineralisation at KSZ in...

Headlines from the Proactive UK newsroom. Kavango Resources (LON:KAV) has announced this morning its hit disseminated sulphide mineralization during drilling at their Kalahari Suture Zone Project in Botswana. Drilling on the third and last target is currently in progress. Aggregated Micro...

on 29/11/19

2 min read