Western Australian agribusiness developer Alterra Ltd, has raised $1.7 million in funding, following a placement to new investor, Emanuel Exports, as well as the existing major shareholder, Sandon Capital Investments.
Helping Alterra’s financing aspirations for its WA agricultural projects, Emanuel will emerge as a major shareholder with 15 per cent ownership of Alterra’s expanded issued capital, whilst Sandon maintains its 19.2 per cent stake.
An Alterra spokesperson has stated that the funds, most of which came from Emanuel, will go towards supporting the expansion of the company’s south-west agricultural project pipeline and provide working capital to complete a feasibility study and progress the phase one plantings at its 300-hectare avocado development, the Carpenters project, in Pemberton.
Businessnews.com.au quoted Alterra Managing Director, Oliver Barnes, as saying: “Alterra is pleased to welcome the addition of a sophisticated investor in the Australian agribusiness and property sectors to our share registry. This investment is a significant endorsement of Alterra’s business model and confidence in our project pipeline.”