Organic Resource plans A$12 million private placement

By Sheri Kasprzak

Atlanta, May 12 - Organic Resource Technologies Ltd. said it plans to head to the private placement market to raise A$12 million.

The company said in a statement that it intends to raise the funds through a private equity deal and may entail a direct investment, but the details have not been determined yet.

The proceeds from the proposed offering will fund the building of stage 1 of the Western Metropolitan Regional Council's waste treatment facility.

Xcapital Group is the placement agent in the deal.

Based in Bentley, Western Australia, Organic Resource converts organic material into biodegradable compost.

On Thursday, the company's stock gained A$0.005 to close at A$0.08.

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