Range International Limited (ASX:RAN), an Australian manufacturer of zero waste plastic pellets Re>Pal™, announced today that it has received commitments from investors to raise $1.8 million through a placement of 90,000,000 fully paid ordinary shares.
Leveraging its ThermoFusion™ technology, the company produces Re>Pal™ from 100% waste plastics for supply chains throughout the South Asian export-hub and Australian region. Range claims that these pellets substitute timber use, thus slowing deforestation trends while reducing plastic waste.
Commenting on the placement, Range Executive Chairman Richard Jenkins, said: “We are pleased to have successfully completed this Placement, and especially to be able to welcome many new shareholders.”
Though headquartered in Australia, Range’s main production facility is located in East Java, Indonesia.
“Range has made very significant gains in 2020, despite COVID-19 causing a major contraction in the Indonesian economy and in particular the supply chain sector. In the second half of 2020 we increased our sales and throughout 2020 we decreased our cost of production,” Jenkins added.
According to Jenkins, the funds raised from this placement will support various manufacturing improvements in raw materials procurement, plastic processing, and production capacity.
Proceeds of the Placement will be used for:
- Operating cash flow;
- Factory equipment to improve productivity;
- New molds to increase productive capacity; and
- Capital to support product rental initiative