Rubicon to raise NZ$12m (USD10m) in a new share placement
10 February 2014 - Rubicon announced today that it will be raising NZ$12 million (USD10 million) from a placement of shares, with the new capital being used to strengthen the Company's funding position, and to support its future commitments to its global forestry biotechnology investment, ArborGen.
International investor, Libra Fund II (Luxembourg) ("Libra"), has agreed to subscribe for 29.3 million new ordinary Rubicon shares, which will rank pari passu with Rubicons existing issued shares.
The issue price will be NZ41.29 cents per share, which is the volume weighted average Rubicon share price over the last 10 trading days on the NZX. Settlement will occur at the same time the shares are issued, which will be at 5pm on Wednesday 12 February 2014.
Mr Kasnet, the Chairman of Rubicon, said "This is a very positive development for the Company. Libra is a savvy investor, who clearly sees value in Rubicon moving forward. We are extremely pleased to have them coming onto our share register at this time, and we believe they will provide a supportive role in helping the Company achieve its key shareholder goals."
Libra will hold a 7.2% interest in Rubicon upon completion of the placement.