Veratin Limited (NSX: VTN), a multi-industry manufacturer with a suite of sustainable high-quality products, announces that it intends to raise approximately $500,000 through the issue of 2,777,778 new Shares at a price of $0.18 per share, to help bolster its next stage of growth.
The Offer of new Shares is expected to close 5 January 2024 at 8.00pm AEDT, with the Company allocating the new Shares on 22 January 2024. The Minimum Subscription under the Offer is $2,000.16 (11,112 Shares) and thereafter, in multiples of $500.04 (2,778 Shares).
Proceeds of the Offer will be used to scale national distribution of the expanded Verigrow® range, expand the Veratin™ Cosmetics range, and increase marketing support, R&D to evolve products, and further protect intellectual property.
Founder and Executive Chairman, Dr Ramiz Boulos says, “Veratin has been expanding its revenue streams through the manufacture, wholesale distribution and sale of a range of patented, sustainable, and innovative, high-quality, amino acid-based products across Australia. The capital raise will help strengthen its products and distribution and improve sales to support the Company’s growth path towards its ASX listing, which is expected in 2024.
Investors have a chance to back an Australian company with a novel technology that extracts amino acids from low-grade waste wool and converts it into a range of products using green chemistry processes, which reduces or eliminates pollution and harmful substances at its source, fitting naturally into the circular economy.
From this, Veratin has developed a suite of sustainable IP protected products including among other products its liquid fertiliser and soil improver, Verigrow®, which is the first of its kind, and its shampoo and conditioner by Veratin™ Cosmetics.”
The Company retains an absolute discretion to allocate Shares under the Offer and reserves the right, in its absolute discretion, to allot to an applicant a lesser number of Shares than the number for which the applicant applies or to reject an Application Form. If the number of Shares allotted is fewer than the number applied for, surplus application money will be refunded without interest as soon as practicable.
The Offer documents can be found at https://www.veratin.com.au/investors and applications for shares can be made at https://apply.automic.com.au/Veratin.