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Obtala tops up coffers with additional fund raise

Any shares issued have a warrant attached that converts at 20p during the next two years

Obtala Limited (LON:OBT) has topped up its recent £4.5mln fundraise by an additional £0.91mln.

The Africa-focused agriculture and forestry group carried out a subscription, institutional placing and a retail share offer at 12.5p each.

READ: Obtala raising £4.5mln to support next phase of growth in African forestry business

Any shares issued have a warrant attached that converts at 20p during the next two years.

The subscription was for £80,000 and placing £600,000, while the retail offer, which was carried out through crowdfunding platform PrimaryBid, raised £230,000.

Money raised from all of the sources will fund further supplier pre-payments, capital expenditure in Mozambique and general working capital.

READ: Obtala set to join sustainable timber processing joint venture in Mozambique

Miles Pelham, Obtala's chairman, said: "We are delighted with the support we have received for the fundraising from both institutional and private shareholders.

"The funds raised will be allocated to business lines with a high ROI and will be rapidly accretive to our bottom-line. With last year's heavy-lifting of integration and rationalisation complete, management's energies will be fully focussed on delivering top and bottom line growth throughout 2018."