Brisbane-based manufacturer Bioxyne has received commitments to raise A$3 million as it looks to fund European expansion and deliver on its forecasted growth in Australia.
The company said it plans to establish manufacturing facilities in the UK and Czechia while accelerating its growth strategy in the local market.
Bioxyne has provided revenue guidance of $25m for FY25.
Directors participated in the raise to the tune of $110,000, subject to shareholder approval.
The company will issue 120 million shares at 2.5c per share to a combination of new and existing institutional and sophisticated investors.
The People’s Plant
Queensland cultivator The People’s Plant has raised A$1.1 million in its second crowdsource funding raise, surpassing the $1.03m it raised last October, with one day of the offer still to go. The funds have been pledged by 534 investors.
Shares have been on sale for $1 a share, with the company valuing itself at A$23.31 million.
Proceeds from the raise will fund a drying room, post-harvest activities, storage room and a laboratory to go alongside a greenhouse and insect mesh that were constructed following the earlier Birchal campaign.
Cann Group
Cann Group has received the second instalment of a A$750,000 drawdown from its $15m convertible note facility with Obsidian Global.
The drawdown was split in two parts. The first $150,000 was received earlier this month with the company now in possession of a second payment of $600,000.
It is the second drawdown the company has received under the facility. In November 2023, Cann Group raised $2m, leaving $13m still on table subject to further agreements.