TGH has successfully obtained firm commitments for a two-tranche placement

Terragen Holdings Limited (ASX: TGH) has received commitments for a planned two-tranche placement. The placement entails issuing 155,645,240 new fully paid ordinary shares at AU$0.024 per share, aiming to raise approximately AU$3.7 million (before costs). In response to strong demand from existing shareholders, the Terragen Board has decided to increase the placement size.

The SPP aims to raise an additional AU$1.0 million (before costs) by offering new fully paid ordinary shares (SPP Shares) on the same terms as the placement. The placement has garnered significant support from substantial shareholders, including Mr. Scobie Ward, Terragen Directors, and other new and existing investors. The proceeds from the equity raising will be allocated towards research, near-term new product developments, working capital, and offer costs.

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