RotoGro International (RGI) has received firm commitments to raise $1.53 million through a placement. More than 38.2 million fully-paid shares will be issued to professional and sophisticated investors at 4 cents each.

"This raise is an important step forward for RotoGro as the company welcomes a number of new shareholders to the register," Non-Executive Chairman Michael Carli commented. RotoGro has stated that it will use the money to rollout its perishable food and vertical farming divisions.

The company has developed a vertical farming system, using stacked instead of in horizontal rows. It is a hydroponic system, meaning it grows in warehouses without soil using less water.

For more information:
Roto-Gro International
Level 4, 96-100 Albert Rd
South Melbourne, VIC 3205
+61 (03) 9692 7245